Assura Group (LSE:AGR) said its board is reviewing a revised offer from Primary Health Properties PLC (LSE:PHP, OTC:PHPRF), having rejected a previous bid in favour of one from private equity groups KKR and Stonepeak.
PHP on Friday noted that its share price of 103p at the last close implied a total value of 53p per share for Assura, including the April dividend already paid and the Assura July dividend declared on 19 May, which was a 1.7% premium to the rival offer.
On top of that, the FTSE 250-listed group also offered revised terms, including potential acceleration of Assura's third-quarter dividend of up to 0.84p without reducing the value of the offer, and matching the private equity consortium's offer acceptance threshold of at least 50% of voting rights of Assura shareholders.
Assura's board said it is reviewing the revised terms and "will continue to engage in extensive shareholder consultation", adding that it continued to advise shareholders to take no action yet.