Assura takeover battle heats up as PHP outbids KKR-Stonepeak

(Reuters) -British healthcare REIT Primary Health Properties (PHP) has offered a cash-and-stock deal to buy peer Assura for about 1.68 billion pounds ($2.23 billion), outbidding rival suitors KKR and Stonepeak Partners.

British medical property owner Assura agreed to a 1.61 billion pound takeover bid from KKR and Stonepeak Partners in early April, after rejecting a lower bid from PHP.

PHP’s new offer values Assura at 51.7 pence, including dividend. That compares with 49.4 pence-per-share offered by KKR and Stonepeak.

($1 = 0.7531 pounds)

(Reporting by Yamini Kalia in Bengaluru; Editing by Shailesh Kuber)