Assura, the FTSE 250 healthcare real estate investment trust, has received an unsolicited takeover approach from private equity giant KKR and a major universities pension scheme.
The Altrincham-headquartered company confirmed late on Friday that it had been contacted by KKR and USS Investment Management, which is representing Universities Superannuation Scheme (USS).
The parties have until 5pm on 14 March to either declare that they are going to make an offer or not.
Shares in Assura jumped by more than four per cent in the aftermath of the offer being revealed before the end of Friday’s trading.
The rise, to 39p per share, means Assura ended the day with a market capitalisation of more than £1.2bn.
Despite the spike, Assura’s shares have been declining steadily since a high of almost 49p in January 2024. Before the pandemic struck, its shares were trading at more than 80p.
In May last year, Assura and USS agreed to invest £250m in a 20:80 joint venture to support investment in essential NHS infrastructure.
Assura returns to profit after huge losses
In a statement issued to the London Stock Exchange, Assura said: “The board is currently reviewing the proposal with its advisers.
“A further announcement will be made as appropriate. There can be no certainty that any offer will be made, nor as to the terms of any such offer. Shareholders are advised to take no action.
“The board remains confident in the long-term prospects of the company and believes that Assura is strongly positioned to create value for shareholders.”
In a trading update published towards the start of January, Assura’s CEO Jonathan Murphy, said: “We have maintained momentum in the third quarter continuing to deliver against our strategic objectives.”
In its half-year results, Assura reported a pre-tax profit of £77.1m for the six months to September 2024, up from a loss of £17.8m in the same period in 2023.
For its latest full financial year, the 12 months to March 2024, Assura posted a pre-tax loss of £28.7m, having also lost £119.2m in the prior year.
