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LONDON - Primary Health Properties PLC (PHP) has publicly acknowledged its interest in a potential all-share acquisition of Assura plc, following a preliminary approach that was rejected. PHP approached Assura on March 3, 2025, with a proposal that emphasized the strategic and financial benefits of a merger between the two healthcare real estate investment companies.
The approach by PHP did not specify an exchange ratio and was declined by Assura’s Board on March 9. Despite this setback, PHP remains interested in engaging with Assura to explore if an agreeable offer can be presented to both companies’ shareholders.
PHP’s Board believes that the proposed combination could create substantial value, citing potential advantages including an enlarged portfolio, reduced capital costs, synergy savings, and a stronger balance sheet. The merger is also expected to increase market liquidity and possibly lead to a premium re-rating of the combined entity.
The announcement made by PHP, based on a press release statement, clarifies that there is no certainty of a definitive offer being made or the terms of any such offer. According to the City Code on Takeovers and Mergers, PHP must, by 5:00 p.m. on April 7, 2025, either announce a firm intention to make an offer in accordance with the Code or declare that it will not make an offer. This deadline may only be extended with the consent of the Takeover Panel.
The market is now awaiting further updates, which will be provided when appropriate, as PHP considers its next steps in the potential acquisition process.
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