(Alliance News) - Primary Health Properties PLC on Monday declared its revised offer for peer Assura PLC as unconditional, effectively taking "significant" control of the Altrincham, England-based care property investor and developer.

As at 1300 BST on Tuesday, PHP had received valid acceptances of the offer amounting to around 2.05 billion Assura shares, representing about 62.9% of the issued share capital of Assura.

PHP said the acceptance condition of 50% of the voting rights in Assura has now been satisfied, and confirmed that all remaining conditions to its offer have been satisfied.

The group said the offer remains open for acceptance until further notice.

The London-based healthcare facility investor also said it will request Assura to delist from the London Stock Exchange and the Johannesburg Stock Exchange once it has acquired Assura shares carrying 75% or more of the voting rights.

PHP said now that its offer is unconditional, the special dividend of 0.84 pence per Assura share is will be paid. Assura last month declared the special dividend of 0.84p, as part of the revised PHP deal.

Assura directors on June 23 recommended the new raised PHP offer, and the Assura board rejected the KKR-led offer on July 15.

In a separate filing on Tuesday, Kohlberg Kravis Robert & Co Inc said the consortium's offer for Assura has lapsed after failing to meet the 50% acceptance condition. Its offer is no longer open to acceptances, it said.

KKR is a US private equity firm that is leading a bidding consortium, called Sana Bidco Ltd, that also includes property investor Stonepeak Partners LP.

As at 1300 BST on Tuesday, Bidco may have counted 539.6 million Assura shares, representing about 16.6%.

Shares in Assura were up 1.4% at 49.50p in London on Tuesday, and were up 18% to ZAR12.40 in Johannesburg.

PHP shares were up 0.7% at 94.85p in London, and they rose 2.3% to ZAR23.02 in Johannesburg.

By Artwell Dlamini, Alliance News senior reporter South Africa

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