Primary Health Properties (PHP) has offered to buy Altrincham-based healthcare real estate investment trust Assura for about £1.68 billion in shares and cash.

Assura agreed to a £1.61 billion all-cash takeover bid from private investment firms KKR and Stonepeak Partners in early April, after rejecting a lower, earlier bid from PHP.

PHP’s new shares and cash offer values Assura at 51.7p per share, including dividend. The offer is higher than the 49.4p per share in cash offered by KKR and Stonepeak.

Assura said: “The Board of Assura plc notes the announcement by Primary Health Properties plc (PHP) under Rule 2.7 of the Takeover Code regarding its firm intention to make a share and cash offer for the entire issued and to be issued ordinary share capital of Assura.

“The Board of Assura is currently reviewing the PHP Offer with its advisers. A further announcement will be made in due course. In the meantime, shareholders are advised to take no action.”

Shore Capital analyst Andrew Saunders said the PHP offer is more attractive offer for Assura shareholders.

“If Assura shareholders take cash from KKR, that means they will miss out on a very lucrative period of growth and returns over the next few years,” Saunders said.