PHP ends months long Assura bidding saga beating out private equity consortium offer

Board switches previous shareholder recommendation

The board of Assura has recommended Primary Health Properties' (PHP) revamped offer for the company, switching from its previous shareholder recommendation for the Kohlberg Kravis Roberts & Co (KKR)/Stonepeak bid.

Assura, the UK-listed property business that designs and invests in key NHS buildings, received an indicative, non-binding cash offer the private equity consortium back in March, which at the time the board fully recommended. Assura receives cash offer from KKR and Stonepeak Partners The board had received an offer from PHP as well but had come with the consortium's "more attractive" bid. But in a turn of events, PHP has increased its offer valuing Assura at around £1.79bn and Assura shareholders would now receive 0.3865 new PHP shares and 12.5p in cash in its bid. In addition, Ass...