The protracted battle for control of healthcare property firm Assura has finally been resolved, with private equity giant KKR securing EU approval for its £1.7 billion takeover bid.
Assura accepted the offer, made through KKR's acquisition vehicle Sana Bidco, last week, as reported by .
The deal has received clearance from the European Commission, paving the way for another company to leave the London Stock Exchange amid a wave of international acquisitions of undervalued British assets.
KKR's successful bid, which marked its "best and final" offer, came after a fierce bidding war with Primary Health Properties (PHP) that began in February and drove up the offer price from £1.56 billion.
Despite KKR's victory, some of Assura's major shareholders, including Quilter Cheviot and Schroders, have expressed dissatisfaction with the deal, instead backing PHP's proposal.
Other shareholders, including Allianz, Gravis, and Baillie Gifford, have also come out in support of PHP, arguing that KKR's offer undervalues Assura.
PHP had urged Assura shareholders to take no action in response to KKR's bid, insisting that a merger between PHP and Assura would represent a "highly compelling proposition."
"This is underpinned by the Board's belief that the sector is at an inflexion point in the current economic cycle with strong rental growth and lower interest rates enhancing primary care property values and with net asset values per share expected to continue to improve," the company said.
In a bid to make its offer more appealing, PHP has even reduced the acceptance conditions for Assura and has committed to hastening its October quarterly dividend.
As the takeover tussle persists, Assura's shares have been on the uptrend, witnessing a rise of over 33 percent since February.
