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LONDON - Primary Health Properties PLC (PHP) announced today it has published a revised offer document and supplementary prospectus for its recommended takeover of Assura Plc, following an increased offer announced on June 23.
The revised deal, which combines two major healthcare property companies, includes a mixture of shares and cash. The terms represent an increase from PHP’s initial offer published on June 13.
PHP has posted the revised offer document to Assura shareholders, along with a supplementary prospectus that has been approved by the Financial Conduct Authority. Both documents are available on the companies’ websites and will be submitted to the National Storage Mechanism.
According to the published timetable, the PHP general meeting is scheduled for July 1, with the offer remaining open for acceptance until August 12, unless extended. If the offer becomes unconditional, PHP will keep it open for at least 14 days following that date.
If PHP secures acceptances for 90% or more of Assura shares following the offer becoming unconditional, it intends to exercise statutory squeeze-out provisions to acquire the remaining shares.
The deal has a long stop date of December 16, 2025, which may be extended with agreement from PHP and, if required, the Panel on Takeovers and Mergers.
Both companies’ boards have recommended the revised offer to their respective shareholders, according to the statement based on the press release.
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