Aug 12 (Reuters) - Primary Health Properties ( PHPRF ) said on Tuesday it
had secured acceptances for 62.9% of Assura shares in its takeover bid
for the British healthcare real estate investor, a rare show of investor support
in the UK markets amid a wave of private equity buyouts in the recent past.
U.S.-based private equity firm KKR and PHP had been locked in a
months-long battle for Assura before the British company's board backed PHP's
higher bid in June.
On Tuesday, PHP confirmed that all remaining conditions tied to its revised
$2.4 billion cash-and-stock offer for Assura have now been satisfied, implying
that PHP can now proceed with the acquisition.
The successful bid from London-listed PHP marks a rare vote of
confidence in the UK's public markets after a string of firms have agreed to
cash bids from private equity buyers in the past two years.
Analysts at Shore Capital said the completion of the deal was "not only
a victory for the company but also one for critical UK infrastructure, the UK
stock market, the delivery of healthcare in the British Isles and society at
large.
Assura, which manages over 600 healthcare properties and whose customers
include Britain's state-backed National Health Service, on Friday reiterated its
support for PHP's takeover bid despite rival suitor KKR urging it to back the
U.S. company's offer.