Assura Group (LSE:AGR) has confirmed what the market already knew, that it rejected a fourth takeover offer from US private equity firm KKR.
The board of the healthcare-focused real estate investment trust said the most recent cash offer, priced at 48p per share, had been considered "carefully" with its advisers and together they concluded it "materially undervalued the company and its prospects".
No further proposal from KKR has been received, it added.
"The board remains confident in the long-term prospects of the company and believes that Assura is strongly positioned to create value for shareholders," the company said in a statement.
KKR had put out a statement on Monday saying that the latest £1.56 billion bid had been rejected over the weekend, despite being at a 28.8% premium to its closing share price as of February 13, when the approach was made.
The shares, it might be noted, had topped 43p last spring and 57p in early 2023.
The US firm said it was "considering whether there is any merit in continuing to try and engage with the board".
Analysts at Shore Capital said yesterday that the price "looks fair", though they wanted to hear "details from Assura about how it values the business higher than this".
Yesterday also saw the manager of the Universities Superannuation Scheme (USSIM) also state its intention not to make an offer, as part of a consortium with KKR or otherwise.