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Assura gets 7th bid in weeks amid takeover interest

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Latest bid offers shareholders PHP shares, cash, and dividend

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PHP bid a "calculated risk" - analyst

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KKR and Stonepeak have until April 11 for firm offer

(Updates share move in paragraph 9, adds KKR and Stonepeak declining to comment in paragraph 10)

By Shashwat Awasthi and Aby Jose Koilparambil

April 3 (Reuters) - British healthcare REIT Assura has received a 1.5 billion pound ($1.96 billion) indicative cash-and-stock bid from Primary Health Properties ( PHPRF ) , above an earlier offer it had rejected, but below a U.S. consortium's all-cash bid.

This is the seventh proposal in as many weeks fielded by Assura, which runs more than 600 healthcare properties with an investment value of more than 3 billion pounds, and counts Britain's state-backed National Health Service as a customer.

Thursday's bid from rival REIT PHP, worth 46.2 pence per share, comes weeks after Assura rejected its 43 pence a share proposal in favour of 49.4 pence per share proposed by a consortium of KKR and Stonepeak Partners.

Under the latest proposal, Assura's shareholders will get 0.3848 new PHP shares, 9.08 pence in cash, retain a quarterly dividend of 0.84 pence per share, and own 48% of the combined group.

Assura shareholders will also have an option to "mix and match" varying proportions in which they receive new PHP shares and cash.

"The bid by PHP looks like a calculated risk," said Oli Creasey, head of property research at Quilter Cheviot.

Creasey said several Assura shareholders had been frustrated that the board engaged with an all-cash private equity bid which would result in it de-listing.

"The pricing is not competitive with the KKR bid at face value, but the company (PHP) may be hopeful that enough shareholders are open to accepting a slightly lower price in exchange for the share capital remaining in a listed vehicle."

PHP's proposed price represents a 23.5% premium to Assura's closing share price on February 13, the day before Assura disclosed its first takeover approach. PHP shares were up 2.4% and Assura's shares were 1.2% higher by 1203 GMT.

KKR and Stonepeak have until April 11 to make a firm offer. Assura said last month it may recommend a final offer made on the consortium's latest proposed terms. KKR and Stonepeak declined to comment on PHP's latest proposal.

($1 = 0.7639 pounds)

(Reporting by Aby Jose Koilparambil and Shashwat Awasthi in Bengaluru; Editing by Janane Venkatraman, Rashmi Aich and Tomasz Janowski)