PHP Raises Assura Bid to £1.79 Billion in Latest KKR Fight (1)

A takeover battle for one of London’s healthcare REITs took a new turn after the board switched its recommendation from an all-cash private equity offer to a sweetened one by a listed player.

Assura Plc’s board announced that it was recommending an increased cash and share offer from industry rival Primary Health Properties Plc over a consortium led by KKR & Co. The latest PHP offer valued Assura at roughly £1.79 billion ($2.4 billion).

PHP’s bid implies a value of 53.3 pence per share, according to a statement Monday, representing a 5.8% premium to the value of KKR and ...