KKR submits proposal of £1.6 billion to acquire Assura share capital

LONDON: Kohlberg Kravis Roberts & Co. L.P. (KKR) has confirmed that it submitted its fourth non-binding proposal to the board of Assura, offering a potential cash deal for the company’s entire issued and to be issued share capital.

The latest proposal, which was sent on February 13, 2025, values Assura shares at 48.0 pence each, valuing the company’s fully diluted ordinary share capital at £1,562 million.

This proposal represents a 28.2% premium to Assura’s closing share price of 37.4 pence on February 13, 2025, a 2.8% discount to Assura’s EPRA Net Tangible Asset Value per share of 49.4 pence as of September 30, 2024, a 30.1% premium to the volume-weighted average Assura share price of 36.9 pence over the last month, and a 26.9% premium to the volume-weighted average share price of 37.8 pence over the last three months.

Despite significant efforts over the past six months, including three previous written proposals, the Assura board unanimously rejected the latest proposal on February 15. KKR maintains that its proposal offers an attractive opportunity for Assura shareholders to realize their investment in cash at a significant premium to current market prices.

KKR has acknowledged the Rule 2.8 announcement from USS Investment Management Limited on behalf of Universities Superannuation Scheme Limited following the board’s rejection of the latest proposal. KKR is currently evaluating whether further engagement with the Assura board is warranted. There is no certainty that any firm offer will be made, and further announcements will be issued as appropriate.