PHP Sweetens Bid for Rival Assura as It Seeks to Unseat KKR

Primary Health Properties Plc has made a revised cash and share offer for rival healthcare landlord Assura Plc that values the company at about £1.68 billion ($2.2 billion).

The company’s bid implies a total value of 51.7 pence for each Assura share, a 4.7% premium to the cash deal from KKR & Co. and Stonepeak Partners that’s been recommended to shareholders, according to a statement Friday. The offer is comprised of 0.3769 new PHP shares and 12.5 pence in cash for each Assura share, it said.