Top investors in GP surgery firm Assura oppose £1.7bn bid from US private equity giant KKR
Assura's major shareholders have opposed a tie-up with a US private equity giant.
Top ten investors Quilter Cheviot and Schroders, which own around 6 per cent and 5 per cent of shares in the NHS landlord respectively, favour a deal with London-listed rival Primary Health Properties (PHP) over US buyout giant KKR.
Allianz, Gravis, Baillie Gifford and Columbia Threadneedle have also leant their support to PHP's bid.
Shareholders argued that KKR's proposal undervalues Assura, which owns GP surgeries, hospitals and hospices across the UK.
A deal with KKR and its partner Stonepeak would see buildings leased to the NHS fall into the hands of overseas owners.
But a takeover by PHP would retain the properties under the ownership of a London-listed business.
Assura this week said it would weigh up an improved bid from PHP, despite having backed KKR's £1.7billion offer last week.
Marcus Phayre-Mudge, manager of Columbia Threadneedle's TR Property Investment Trust, said: 'The KKR bid simply doesn't offer a premium significant enough to justify walking away from this long-term opportunity.
'That's why we strongly support the PHP-Assura merger and encourage other shareholders to do the same.'
A Gravis fund manager said PHP's offer was a 'superior choice for long-term investors'. The KKR bid 'risks crystallising value at what may be a cyclical low', they added.
Baillie Gifford investment manager Jon Stewart said the KKR deal was not 'in shareholders' best interests' and 'undervalues Assura's long-term growth potential'.
KKR's 'best and final' bid values the company at 52.1p per share, although that includes already declared dividends. Without those, the offer is worth 50.42p, analysts said.
Most recently, PHP offered £1.68billion to buy Assura but argued last week that its cash and stock bid is worth more as the value is based on share prices. Assura shares slid 0.1 per cent, or 0.05p, to 50.1p.
City exodus goes on
Direct Line and Ashtead have moved a step closer to joining the exodus from the London stock market.
The £3.7billion takeover of insurer Direct Line by Aviva is set to complete next month after talks with the competition watchdog.
Aviva said it is pressing ahead with plans for a court to sanction the deal on July 1. This would see the insurer swallowed up by its larger rival and leave the market.
Equipment rental firm Ashtead said it is on course to switch its main stock market listing to New York in early 2026.
In the past month, drug maker Indivior and fintech firm Wise said they would switch their main listing to New York.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
an hour ago
- The Sun
Little-known car insurance could save you £5,000 if your car is written off in accident – everything you need to know
A HIDDEN car insurance trick could save you £5,000 if your vehicle is written off. Motorists claiming on this insurance stand to gain big - as average payouts have tripled in the past four years. 2 The average payout for Guaranteed Asset Protection - or GAP insurance - has soared from around £1,600 in 2021 to nearly £5,000 this year. This little-known insurance hack is rarely used - with a Financial Conduct Authority probe revealing that the average driver with GAP insurance makes a claim just once every 300 years. This product is mainly used to cover a potential shortfall between a car's value and the amount owed on finance if the vehicle is written off or stolen. Drivers who need to make a claim are likely to receive larger payouts, as those who've financed their cars currently face several financial risks. GAP insurance is used not only by those with financed cars but also by owners who bought cars outright—they can claim if the insurer's payout is less than what they paid for the car. Several factors have contributed to the soaring cash value of GAP claims. These include the fast depreciation of certain vehicles - especially EVs - and a rise in insurance write-offs caused by soaring repair costs and parts shortages. Rising motor thefts, targeting models like Range Rovers, have also driven up the cash value of GAP claims. Experts say GAP insurance has shifted from a 'nice-to-have' policy to a 'vital financial safeguard' for today's car buyers. The increase in the value of payouts "underscores the growing financial risk faced by car owners" in 2025, according to MotorEasy, a leading car ownership platform. Ford is forced to immediately shut down factories and halt car production as CEO admits 'day to day' struggle for brand However, this type of insurance has been controversial in the past, as it's often sold by dealers alongside cars - sometimes with limited explanation or inflated prices. It's usually cheaper to buy GAP insurance through brokers. The increase in the value of payouts "underscores the growing financial risk faced by car owners" in 2025, according to MotorEasy, the leading car ownership platform. MotorEasy says the rise in average claim amounts is linked to the lasting effects of Covid-19. However, since so few motorists were using GAP policies, the Financial Conduct Authority launched an investigation in 2023 over concerns about their value. This led to many policies being withdrawn, with about 80 percent of products pulled from the market. Experts now advise car buyers to compare policies carefully and consider brokers rather than accepting dealer offers. Meanwhile, insurance experts have shared eight tips to help drivers slash the cost of covering their cars. Tom Banks, a coverage expert for told SunMotors that one effective way is to choose a higher excess. This means you agree to pay more out of pocket if you make a claim, which lowers the amount the insurer has to cover. Tom explained: "You want to make sure that you will be able to afford to pay it should you need to make a claim. "But it's worth bearing in mind that choosing a higher voluntary excess will usually bring your car insurance premium down." What is car insurance? Consumer reporter Sam Walker talks you through what car insurance is and what it covers you for... Car insurance pays out if your vehicle is stolen, damaged, catches on fire or is involved in an accident. As a minimum, it protects you against any damage you case to other road users, the public or their property - these are called third parties. You only need to claim on your car insurance when an accident is your fault. If another motorist is to blame, their insurance should pay out instead. Car insurance, unlike home insurance, is a legal requirement and if you don't have it you can be fined up to £1,000. You can also have your vehicle seized and destroyed. However, you don't need to insure your car if it is classed as "off-road", or holds a statutory off road notification (SORN). The vehicle has to be kept on private land and not a public highway though. 2
The Herald Scotland
an hour ago
- The Herald Scotland
NHS launches new drive to find more people with deadly pancreatic cancer
GPs and their teams will look for people over 60 who may have signs of the cancer, such as a recent diagnosis of diabetes and sudden weight loss. Figure suggest that around half of people diagnosed with pancreatic cancer have been diagnosed with type 1 or 2 diabetes recently. Family doctors taking part in the NHS England pilot will then contact patients and send them for urgent blood tests and CT scans to rule cancer in or out. Pancreatic cancer can have vague symptoms and is often diagnosed in the late stages. According to researchers, newly-diagnosed diabetes patients often have similar symptoms as a person with early-stage pancreatic cancer. This is because the cancer destroys the same insulin-producing cells that are also destroyed in diabetes. Pancreatic cancer has the lowest survival rate of all cancers (Alamy/PA) Around 10,500 people in the UK are diagnosed with pancreatic cancer every year and only around one in 20 survive the disease for 10 years or more. More than half of people die within three months of diagnosis. For the new three-year pilot, more than 300 GP practices in England will be involved, with all practices up and running by the autumn. Almost £2 million in targeted funding has been invested to help practices find people most at risk and give patients the best chance of being diagnosed early. Professor Peter Johnson, NHS national clinical director for cancer, said: 'Pancreatic cancer is responsible for so many deaths because patients don't usually notice symptoms until the cancer is at an advanced stage, which is why we need to find new ways to pick it up. 'Through initiatives like this and the upcoming 10-year health plan, the NHS is determined to go a step further – not just treat people at an advanced stage but to go out into communities and seek people out who might be unwell without any symptoms so we can provide people with the most effective treatment. 'The NHS is seeing and treating more people with cancer than ever, and early diagnosis is key to ensure patients have the best chance of receiving effective treatment. 'If your GP practice identifies you as at risk of pancreatic cancer, I urge you to come forward for testing as soon as possible.' Health minister Karin Smyth said: 'This targeted approach to identify people at risk of one of the most lethal cancers could give more people a fighting chance and spare the heartbreak of countless families.' We're delighted to see the Government commit to boosting clinical trials as part of their forthcoming 10 year plan. Clinical trials are a crucial treatment option for people with #PancreaticCancer & improving access to them could be key to driving up treatment & survival rates 🧪 — Pancreatic Cancer UK (@PancreaticCanUK) June 16, 2025 Alfie Bailey-Bearfield, head of influencing and health improvement at Pancreatic Cancer UK, said: 'Diagnosing more people with pancreatic cancer earlier, when the disease is most treatable, would make the single biggest difference to improving survival, so we are delighted to see significant further investment from NHS England towards that incredibly important goal. 'We're proud to have been involved in shaping this new case finding pilot, which will support GPs to proactively find people with pancreatic cancer among one of largest groups known to be at increased risk: those aged over 60, with new onset diabetes who have recently lost weight without trying to do so. 'Many of the people who are referred for a CT scan during the pilot will not have pancreatic cancer, but for those that do, the impact could be lifesaving. 'Subject to the pilot's success, we will be calling for this pilot to be expanded across the country to help give more people affected by the deadliest common cancer the very best chance of survival.' Previous research has shown that people over 50 with a new case of type 2 diabetes have a higher chance of being diagnosed with pancreatic cancer within three years.
Reuters
an hour ago
- Reuters
Britain will have enough energy supply this winter, grid operator says
LONDON, June 18 (Reuters) - Britain's National Electricity System Operator said on Wednesday it expects to have sufficient supplies this winter, giving an early outlook of the supply and demand balance for the season. The growth in battery storage capacity on the electricity network systems, more available gas-fired power generation, more renewable energy and the commissioning of the Greenlink electricity interconnector between Ireland and Wales have increased the amount of power available. "Our early view of the winter ahead shows a positive outlook with sufficient margins throughout the colder winter months," said Deborah Petterson, NESO's director of resilience and emergency management. The NESO expects a de-rated margin, which is a measure of the amount of excess capacity expected above peak electricity demand, at 6.6 gigawatts (GW). That is the highest forecast margin since the 2019/20 winter period and is over 1 GW higher than last year's winter outlook figure of 5.2 GW. This assumes total electricity demand of 60.5 GW. There could be some days when supply is tight, likely to occur in early December or mid-January, but NESO said it has tools in place such as market notices for backup generation to be made available. The full winter outlook will be published in October.
