Healthcare real estate firm Assura recommends €2bn takeover bid

Assura has developed healthcare facilities in counties including Mayo, Cavan, Monaghan, and Offaly

British healthcare real estate investor Assura on Monday recommended rival Primary Health Properties' new £1.79bn (€2.09bn) takeover bid that trumps a lower offer from KKR and Stonepeak Partners.

British healthcare real estate investor Assura on Monday recommended rival Primary Health Properties' new £1.79bn (€2.09bn) takeover bid that trumps a lower offer from KKR and Stonepeak Partners.

Assura has extensive operations in the UK before entering the Irish market three years ago. It has been responsible for developing primary care centres and other healthcare facilities in counties including Mayo, Cavan, Monaghan, and Offaly.

PHP's latest 53.3p per share bid would give each Assura shareholder 0.3865 new PHP shares, 12.5p in cash per share, and a special dividend of 0.84p per share, the companies said. By contrast, KKR-Stonepeak's "best and final" offer put forward earlier this month included 50.42p in cash, retention of a 0.84p a share dividend paid by Assura in April, and an equivalent amount to be paid on July 9.

The private equity firms and PHP have been competing over Assura for months, gradually sweetening their offers for the company which manages over 600 healthcare properties and counts Britain's state-backed National Health Service as a customer.

Reuters