By Pushkala Aripaka and Yadarisa Shabong
(Reuters) -British healthcare property developer Assura has rejected a 1.56 billion pound ($2 billion) acquisition bid from KKR and pension fund Universities Superannuation Scheme, the U.S.-based non-public fairness group stated on Monday.
Assura’s shares jumped practically 18% to 46 pence, nonetheless simply over half of their peak worth of 88 pence in 2020.
KKR stated it had made 4 indicative, non-binding proposals to Assura, the newest of which was at 48 pence per share, a 28.2% premium to Assura’s closing worth on February 13, however was rejected by the British firm’s board.
“KKR is contemplating whether or not there’s any benefit in persevering with to attempt to interact with the board,” the U.S. group stated in an announcement.
USS, which had established a three way partnership with Assura final yr, stated in a separate assertion that it didn’t intend to make a proposal for Assura, as a part of the consortium or in any other case.
It was not clear whether or not KKR was contemplating an unbiased provide. It declined to remark additional.
A number of the previous bids for Assura have been made by KKR by itself and any future try would doubtless be an unbiased one as USS backed out, a supply conversant in the state of affairs informed Reuters.
Assura declined to touch upon the developments. The corporate undertook asset disposals final yr to bolster its steadiness sheet.
It was working greater than 600 properties with an funding worth of about 3.2 billion kilos as of September, and counts Britain’s state-backed Nationwide Well being Service as a buyer.
“(Assura) is well-managed, has a top quality portfolio and lots of attributes of apparent attraction to the bidder,” Shore Capital analyst Andrew Saunders stated in a observe.
Deal-making exercise in Britain picked up final yr, as cheaper valuations and falling or steady rates of interest made financing simpler for buyouts. A Deutsche Numis ballot confirmed that non-public fairness corporations count on an increase in deal exercise in 2025.
Below British takeover guidelines, KKR and USS have till March 14 to make a agency provide for Assura or stroll away.
($1 = 0.7940 kilos)
(Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru; Enhancing by Rashmi Aich and Emelia Sithole-Matarise)
