Assura PLC has left itself needing to justify a higher valuation after rejecting a string of takeover bids from KKR and Universities Superannuation Scheme, analysts believe.
Shore Capital analysts noted last week’s latest offer of £1.6 billion, which followed three previous bids from the US private equity firm and UK pension fund, could make “good sense”.
“The price looks fair,” analysts said, “although we will need to hear details from Assura about how it values the business higher than this before a more informed assessment”.
KKR on Monday flagged the four rejected bids, as consortium partner Universities Superannuation Scheme withdrew itself from the running.
The most recent 48p per share offer had reflected a 28.2% premium when it was made on February 13.
Shore Cap added the bid was off the healthcare real estate investment trust’s 49.4p first half net tangible asset value, but pointed out shares had not hit the level since early 2023.
“Assura shares have underperformed over the past year on the back of rising gilt yields and currently trade on a 23% discount to our 2026 forecast NTA of 51p.
“However, the company is well-managed, has a high-quality portfolio and many attributes of obvious attraction,” analysts said.
Shares were up 11.3% at 43.42p on Monday.