Primary Health Properties: Assura board backs £1.79bn takeover bid - Hargreaves Lansdown

Source - https://www.hl.co.uk/shares/share-research/primary-health-properties-assura-board-backs-179bn-takeover-bid

Primary Health Properties (PHP) has made progress in its attempt to acquire Assura and create a £6bn property portfolio. The Assura board intends to recommend PHP’s latest offer to its shareholders, ahead of rival bids from private equity groups.

Under the terms of the deal, Assura shareholders will receive 0.3865 new PHP shares and 12.5p in cash for each share, along with a special dividend of 0.84p. Assura shareholders would own approximately 48% of the new combined company.

PHP’s offer values each Assura share at 55.0p, when including declared dividends, and values the company at around £1.79bn.

The deal will now be subject to shareholder and regulatory approval.

The shares fell 2.2% in early trading.