Australia's Pacific Smiles recommends NDC's sweetened buyout offer (updated)

Pacific Smiles

01/08/2024 01:02

(Recasts paragraph 1, updates with further details and
background from paragraph 2 onwards)
       Aug 1 (Reuters) - 
    Australia's Pacific Smiles  PSQ.AX  asked investors on
Thursday to favor the sweetened A$327.1 million ($214.05
million) bid by National Dental Care (NDC) over a competing
takeover offer from Genesis Capital. 
    Earlier in the week, Genesis Capital had offered A$1.90 per
share for Pacific Smiles, which valued the company at A$303.2
million, matching NDC's previous bid.
        Thereafter, NDC had provided a counteroffer A$2.05 per
share, which Pacific Smile's board has found to be a better deal
for shareholders in the absence of a superior proposal. 
  
        The scheme meeting to vote on the proposals is scheduled
for today, and it will be adjourned by the Chair to August 8 for
shareholders to consider the revised offers.
  
    
      


($1 = 1.5272 Australian dollars)

 (Reporting by Sneha Kumar; Editing by Mohammed Safi Shamsi and
Alan Barona)
 ((Sneha.Kumar@thomsonreuters.com;))