By Pushkala Aripaka and Yadarisa Shabong
(Reuters) -Retish Healthcare Property Developer Assura has rejected an acquisition body of 1.56 billion pounds ($ 2 billion) from KKR and Pension Fund Universities Superannuation Scheme, said the American Private Equity group Monday.
The shares of Assura rose almost 18% to 46 pence, still just over half of their peak price of 88 pence in 2020.
KKR said that the four indicative, non-binding proposals had made assura, of which the last 48 pence was per share, a premium of 28.2% for the closing price of Assura on 13 February, but was rejected by the board of the British company.
“KKR is considering whether there is any merit to keep trying to involve the board,” the American group said in a statement.
USS, who had established a joint venture with Assura last year, said in a separate statement that it was not going to make an offer for Assura, as part of the consortium or otherwise.
It was not clear whether KKR was considering an independent offer. It refused to comment further.
Some of the former bids for Assura were made by KKR in itself and every future attempt would probably be an independent because USS withdrew, a source that was familiar with the situation told Reuters.
Assura refused to comment on developments. Last year, the company undertook activa fleds to strengthen its balance.
It had more than 600 properties with an investment value of around 3.2 billion pounds from September and has the State-supported National Healthcare of Great Britain as a customer.
“(Assura) is well managed, has a high-quality portfolio and many attributes of clear attraction on the bidder,” said Shore Capital analyst Andrew Saunders in a note.
Deal activities in Great Britain were picked up last year, because cheaper ratings and falling or stable interest rates made financing easier for buyouts. A Deutsche Numis poll showed that private equity companies expect an increase in the deal activity in 2025.
According to the British takeover rules, KKR and USSs have until March 14 to make a solid offer for Assura or to walk away.
($ 1 = 0.7940 pounds)
(Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru; Processing by Rashmi Aich and Emelia Sithole-Matera)
