PHP and Assura announce recommended combination via increased offer

Primary Health Properties PLC (PHP) and Assura plc have agreed to a recommended combination, to be implemented through an increased shares and cash offer from PHP. Under the terms of the Increased PHP Offer, Assura Shareholders will receive 0.3865 new PHP shares and GBP 0.125 in cash for each Assura Share. In addition, Assura Shareholders will be entitled to receive a special dividend of GBP 0.0084 per Assura share. Based on PHP's closing share price on June 20, 2025, the offer values each Assura share at GBP 0.533. This represents a 5.8% premium to the recent offer from Sana BidCo. Following completion, Assura Shareholders would hold approximately 48% of the Combined Group's issued share capital. The Assura Directors intend to unanimously recommend that Assura Shareholders accept the Increased PHP Offer. The combination remains subject to shareholder approvals and other customary conditions. Rothschild & Co and Deutsche Numis are acting as joint lead financial advisers to PHP, while Lazard, Barclays and Stifel are acting as financial advisers to Assura.