Healthcare property group Assura turned down four acquisition offers from private equity firm KKR and pension fund Universities Superannuation Scheme (USS).

The latest bid, valuing Assura at £1.56bn, was unanimously rejected by the board on February 15, following three prior refusals.

KKR’s final offer of 48p per share represented a 28.2% premium to Assura’s share price on February 13 and a 30.1% premium to the stock’s one-month average. Despite this, the Assura board, advised by Lazard, remains confident in the company’s long-term prospects and ability to generate value for shareholders.

USS confirmed on February 17 that it will not be pursuing an independent offer or participating in any consortium bid. KKR stated that it is now evaluating whether to continue engaging with Assura after months of negotiations.

Amidst these takeover attempts, Assura is actively working to strengthen its financial position. The company aims to reduce its net debt to EBITDA ratio below nine times and lower its loan-to-value ratio below 45% within 18 months. It has already raised £48.4m from disposals and is in discussions for an additional £110m, with a further £90m identified for potential asset sales.

Assura’s portfolio comprises 608 properties with an annualised rent roll of £176.9m. CEO Jonathan Murphy highlighted strong rent reviews and expansion opportunities within the UK’s private healthcare sector. The company is currently developing five projects worth £44m, with £22m remaining in expenditure.

While Assura continues to focus on growth and financial stability, KKR’s next move remains uncertain following the board’s firm rejection of its proposals.