Assura wins backing for £28m takeover
ASSURA Group has won the backing of shareholders for its £28m takeover of rival AH Medical Properties (AHMP).
The Warrington-based firm develops GP surgeries and community hospitals and also runs a chain of pharmacies. It employs 300 people at pharmacies and further 60 managing the portfolio.
The deal will bring together Assura’s 113 medical centres, with a value of £341m, with 52 owned by Plus-listed AHMP, valued at £125m. Assura has a further five development sites in progress. Under the terms of the deal it will take on three from AHMP’s property partner Ashley House.
Assura’s shareholders backed the plan at an extraordinary general meeting on February 17. Today the company said 96% of AHMP shareholders had voted in favour.
Assura is offering 0.85 new Assura shares for each AHMP share in circulation. There is also a cash alternative of 40p per AHMP share, but this is limited to £10.5m. The offer values each AHMP share at 39.2p, which Assura said is a premium of 22.5% over the 32p per share the firm was valued at when it entered into an offer period back on August 9.
Around £6.5m of the cash component was taken up. AHMP is expected to delist from Plus by February 25.
