Primary Health Properties announces takeover offer for Assura

LONDON - Primary Health Properties PLC (LSE:PHP) has published documents for its shares and cash offer to acquire Assura PLC (LSE:AGR), according to a statement released Friday.

The company announced that it has posted the Offer Document and Combined Circular and Prospectus to Assura shareholders, outlining the terms of the acquisition first proposed on May 16.

PHP has amended the acceptance condition to the offer and given consent for Assura’s board to declare a special dividend to shareholders conditional on the offer becoming unconditional.

The documents contain details of a general meeting of PHP shareholders scheduled for July 1 at 9:00 a.m. in London to vote on the combination.

According to the expected timetable, Assura shareholders have until 1:00 p.m. on August 12 to accept the offer, unless extended. The latest date for the offer to be declared unconditional is midnight on the same day.

If the offer becomes unconditional, PHP intends to keep it open for acceptances for at least 14 days following that date. Should PHP receive acceptances for 90% or more of Assura shares, it plans to exercise statutory squeeze-out provisions to acquire the remaining shares.

The new PHP shares would be admitted to trading on the London Stock Exchange (LON:LSEG) as soon as possible after the offer becomes unconditional, with share certificates and cash consideration to be dispatched within 14 calendar days.

The long stop date for the transaction has been set for December 16, 2025, though this may be extended with agreement from PHP and, if required, the Panel on Takeovers and Mergers.

The announcement notes that all dates are indicative and may be subject to change, particularly as there is more than one offer for Assura.

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