Assura receives takeover bid

The Warrington-based healthcare property landlord, has received an unsolicited all-share offer from MedicX Fund.

MedicX has offered to pay one share share for every 2.05 Assura shares. Based on closing prices on Thursday 16 May, the offer represents a price of 40p for each Assura share, at a premium of 10.3%.

MedicX said it had the support of Assura's leading shareholders, Somerston and Invesco, who between them hold approximately 48% of Assura's issued share capital.

David Staples, chairman of MedicX, said: "The approach to Assura has been made after careful consideration and with the very strong support of Assura's leading shareholders representing over 48% of Assura's shares. There is a strong natural fit between MedicX and Assura and we believe that the proposed transaction would bring considerable benefits to shareholders in both companies."

Robert Provine, managing director of Somerston Capital, representing Assura's largest shareholder, with 29.98%, said: "This transaction would create a best-in-class medical property group, well placed to benefit from the evolving demographics in the UK and enhance long-term shareholder value and sustainable income well into the future. The Somerston Group is pleased to continue to act as a catalyst for consolidation within the UK medical sector through the creation of larger, stronger and more diversified companies. We fully support the transaction and look forward to continuing as an investor in the enlarged group."

Assura released a statement to the stock market acknowledging the offer but gave no indication of its intention either to accept or reject.

MedicX has until 5pm on 14 June 2013 to make a formal offer or withdraw.