Pacific Smiles shares surge on fresh NDC takeover offer
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The news: Shares in Pacific Smiles surged after the ASX-listed dental services chain received an improved takeover offer by NDC BidCo, topping the latest bid by rival suitor Genesis Capital.
The numbers: Pacific Smiles shares were up 7.4% to $2.03 by 2:10pm AEST, having gained nearly 40% since the turn of the year amid the ongoing takeover battle between NDC and Genesis.
The group confirmed it had received a new proposal of $2.05 per share by NDC BidCo — a wholly owned subsidiary of NDC HoldCo which operates the National Dental Care centres — topping Genesis' latest bid of $1.90 per share.
The context: Pacific Smiles said its board has determined NDC's counterproposal would "produce a superior outcome to shareholders as a whole" when compared to the offer by private equity firm Genesis.
The company's directors have unanimously recommended that all Pacific Smiles shareholders vote to approve the NDC scheme. The scheme meeting has now been adjourned until 8 August.
On Wednesday, Pacific Smiles' board gave NDC until midnight Thursday to table a counterproposal, having determined Genesis' latest offer as the superior proposal.
The sources: ASX announcement, ASX announcement
