Assura plc, the Altrincham-based healthcare real estate investment trust, said late on Friday it has received a preliminary, unsolicited takeover approach from Kohlberg Kravis Roberts and Universities Superannuation Scheme Limited “which may or may not lead to an offer being made for the company.”
Assura shares rose about 4% to 39p to give the firm a current stock market value of about £1.27 billion.
In November, Johannesburg Stock Exchange (JSE) granted approval to Assura for a secondary listing on the Main Board of the JSE.
For the six months ended September 30, 2024, Assura reported that its passing rent roll increased 19% to £179.1 million, net rental income was up 8% to £76.7 million, and that investment property value was £3.1 billion, a valuation uplift of £25.4 million. IFRS profit before tax was £77.1 million (September 2023: loss of £17.8 million).
On Friday, Assura said in a stock exchange statement. “The board of Assura plc notes the recent media speculation and confirms that it has received a preliminary, unsolicited approach from Kohlberg Kravis Roberts & Co. Partners L.L.P. (KKR) and USS Investment Management Limited (as agent for and on behalf of Universities Superannuation Scheme Limited (acting in its capacity as sole corporate trustee of the Universities Superannuation Scheme)) (USSIM) which may or may not lead to an offer being made for the company.
“The board is currently reviewing the proposal with its advisers. A further announcement will be made as appropriate. There can be no certainty that any offer will be made, nor as to the terms of any such offer.
“Shareholders are advised to take no action.
“The board remains confident in the long-term prospects of the company and believes that Assura is strongly positioned to create value for shareholders.
“In accordance with Rule 2.6(a) of the Code, KKR and USSIM must by no later than 5.00 pm (London time) on 14 March 2025, either announce a firm intention to make an offer for Assura in accordance with Rule 2.7 of the Code or announce that they do not intend to make an offer for Assura, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
“This deadline can only be extended with the consent of the Panel on Takeovers and Mergers (the “Panel”) in accordance with Rule 2.6(c) of the Code.”