In a dramatic standoff between corporate giants, Assura PLC has decisively rebuffed a £1.6 billion ($2 billion) takeover bid from Kohlberg Kravis Roberts & Co. LP (KKR), sending ripples through the market and leaving investors questioning what comes next. The move signals a bold stand by the healthcare property developer, as it resists a relentless acquisition pursuit by one of the world’s most aggressive private equity firms.
Four Strikes, Still No Deal
The rejected offer—KKR’s fourth attempt in six months—valued Assura’s share capital at 48 pence per share, a 28.2% premium over its closing price of 37.4 pence last Thursday. Despite the sweetened deal, Assura’s board remained resolute, unanimously rejecting each proposal.
Assura, which oversees a portfolio of over 600 healthcare buildings across the UK and Ireland, appears unwavering in its belief that it can generate greater shareholder value independently.
Stocks Surge as Investors Weigh the Future
While Assura’s board has slammed the door on KKR’s offer, the market responded with a near 18% surge in Assura shares on Monday, reaching 39 pence—still below the proposed buyout price but a significant jump from Friday’s close.
The attempted acquisition was made in collaboration with the Universities Superannuation Scheme Ltd. (USS), a UK pension provider managing nearly £90 billion for academic professionals. However, USS abruptly exited the deal, stating on Monday that it will not proceed with the bid “as part of the consortium or otherwise.”
