Primary Health Properties Launches 51.7 GBp Per Share Cash-and-Stock Bid To Acquire Assura

(RTTNews) - Primary Health Properties plc (PHP) Friday announced a recommended takeover offer for Assura (AGR) valued at 51.7 GBp per share, comprising 0.3769 new PHP shares and 12.5 p in cash.

Assura shareholders will also retain April and July dividends totalling up to 1.68 p. At PHP's May 15 closing price of 99.5 GBp, the deal values Assura at approximately 1.68 billion GBp, topping a rival 49.4 p cash bid.

The combined group will control a 6 billion GBp portfolio of long-let healthcare properties across 200 countries, boost scale as the ninth-largest UK REIT, and unlock an estimated GBp 9 million in annual cost synergies.

A mix-and-match facility lets shareholders vary their cash-to-stock split. Completion is expected in the third quarter 2025, with Assura shareholders owning around 48 percent of the enlarged business.

PHP is currently trading at 99.55 GBp up 0.05 p or 0.05 percent on the London Stock Exchange.