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Assura Group Makes Recommended Offer for AH Medical

Jan. 19 (Bloomberg) -- Assura Group Ltd., the owner of 33 pharmacies in the U.K., said its board and the independent directors of AH Medical Properties Plc reached agreement on the terms of a recommended offer for the company.

Assura offered 0.85 new shares for each AH Medical Properties one, valuing each existing share at 39.2 pence, a 3.2 percent premium over yesterday’s close, Assura said in a statement on the Regulatory News Service today.

The transaction will create the U.K.’s biggest listed primary care medical property and pharmacy group with property assets of 504 million pounds ($806.7 million), Assura said. AH Medical, valued by the offer at 28.3 million pounds, is a property investment company that develops and manages medical centers, doctors’ surgeries and pharmacies.

“This transaction, which is expected to be earnings enhancing, will create the leader in the U.K. primary health-care property investment market,” Rodney Baker-Bates, Assura’s chairman, said in the statement.

Shareholders with 76 percent of the company have agreed to tender their shares, according to Assura. There is a cash alternative of 40 pence for each AH Medical Properties share, though the agreement limits the total amount of cash payable to 10.5 million pounds, Assura said.

To contact the reporter on this story: Renee Lawrence in London at rlawrence7@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge in London at Ckeatinge@bloomberg.net

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