Assura rejects latest takeover offer from KKR
- Assura has rejected a fourth takeover proposal from Kohlberg Kravis Roberts, worth £1.56 billion.
- The board's rejection comes after KKR had also made three previous proposals that were unanimously denied.
- KKR is considering whether to engage further or abandon their takeover attempt as they face a deadline of March 14.
In the UK, Assura, a company listed on the London Stock Exchange that owns over 600 properties, including general practitioner surgeries, has turned down a fourth takeover offer from private equity firm Kohlberg Kravis Roberts. The recent bid, which was worth £1.56 billion and valued Assura at 48p per share, was denied by Assura's board on Saturday. This rejection came just a day after Assura confirmed receiving KKR's approach, in which KKR was collaborating with the Universities Superannuation Scheme to explore possible acquisition. However, after the latest denial, the USS has stated it will not proceed with submitting a bid for Assura. Following this, KKR is deliberating whether it should continue to engage with Assura's management regarding the potential acquisition. KKR expressed that this bid was a favorable opportunity for shareholders to gain cash investments at a significant premium above market prices. Despite KKR's efforts, which included three previous proposals that were all unanimously rejected, Assura's board remains resolute in its decision against selling the company. KKR has until the stipulated deadline of 5pm on March 14 to either make a firm offer or withdraw from the bidding process under UK City takeover regulations. The future negotiations will reveal whether KKR will challenge the board’s decision further or if it will accept defeat in its pursuit of Assura.