In a move that raises the stakes on a fast-developing corporate chess match, the U.K.’s Takeover Panel has granted Primary Health Properties PLC (PHP) an additional month to decide whether it will make a formal offer to acquire rival Assura PLC, or walk away from its ambitious $1.9 billion takeover plan.
The extension pushes the deadline from April 7 to May 5, allowing PHP extra breathing room to firm up its bid for the British healthcare real estate developer. The initial approach, made public on April 3, valued Assura at around £1.5 billion—a mix of 9.08 pence in cash and 0.3848 new PHP shares for each Assura share held.
A Merger That Could Reshape the Market
Should the acquisition proceed, the combined firm would create the eighth-largest real estate investment trust (REIT) listed on the London Stock Exchange, commanding £6 billion in assets. The potential scale has caught the market’s attention and injected suspense into the sector’s consolidation narrative.
“The board’s objective is to maximize value for Assura shareholders,” Assura said in a statement, underscoring its commitment to thorough due diligence and continued negotiations. Since March 14, both companies have exchanged data and participated in diligence meetings.
Neither side has offered further comment since the latest development, but the silence only adds to the anticipation swirling around this high-stakes negotiation.
