Pacific Smiles backs new Genesis Capital takeover proposal
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The news: The board of dental services chain Pacific Smiles has determined that a revised takeover proposal by private equity firm Genesis Capital is superior to an earlier bid by rival suitor NDC BidCo.
The context: ASX-listed Pacific Smiles said it has provided NDC with notice under the terms of its pre-existing scheme implementation deed, triggering a matching period, ending at 11:59pm AEST on Thursday, during which NDC may table a counterproposal.
Pacific Smiles said it is currently in discussions with NDC, but has not received a counterproposal and there is no guarantee one will materialise.
On Monday, Pacific Smiles said it had received an improved takeover offer from Genesis, which acquired a 19.9% stake in the group in January, for a cash consideration of $1.90 per share.
The stock last closed at $1.88 and over the past 12 months has surged 28.2%.
In April, Pacific Smiles entered into a scheme implementation deed with NDC BidCo — a wholly owned subsidiary of NDC HoldCo which operates the National Dental Care centres — following a cash offer of $1.91 per share.
The source: ASX announcement
