LONDON (Reuters) -Private equity fund KKR has urged the board of British healthcare real estate investor Assura to back its takeover bid and withdraw its support for a rival offer from Primary Health
UK's Assura snubs KKR takevoer bid in support of competing PHP offer
Assura's Support for PHP's Acquisition
LONDON (Reuters) -British healthcare real estate investor Assura said on Friday that it maintains its support for a takeover bid by Primary Health Properties despite rival suitor KKR urging it to back its competing offer.
Details of the Competing Bids
Assura said it was urging its shareholders to vote in favour of PHP's $2.4 billion acquisition offer over the KKR-led bid with Stonepeak Partners.
Regulatory Scrutiny of the Deal
KKR had said earlier in the day that it met with Assura's board in recent days to lobby in favour of its own cash takeover offer.
The U.S.-based private equity firm and PHP were locked in a months-long battle for Assura before its board backed PHP's higher bid in June.
KKR said a number of factors had since changed, including a decline in the share price of both companies, which has in turn raised the premium of its own cash offer.
PHP in a separate statement welcomed Assura's reaffirmation of support for its bid.
Britain's competition regulator also said on Friday it was looking into a possible probe into the PHP and Assura deal if it goes through.
(Reporting by Charlie Conchie and Prerna Bedi; Editing by Emelia Sithole-Matarise and Joe Bavier)
