Australia's Pacific Smiles recommends shareholders to accept Genesis cash offer (updated)

Pacific Smiles

21/11/2024 23:26

(Adds further details from paragraph 2 onwards)
       Nov 22 (Reuters) - Australia's Pacific Smiles  PSQ.AX  said on Friday it has recommended
its shareholders to accept Genesis Capital's A$316.4 million ($206.01 million) "best and final"
cash offer, with multiple stakeholders supportive of the bid.  
    Pacific Smiles cited shareholder support for the bid, Genesis' ability to have effective
control, in addition to an absence of a superior proposal, as reasons for shareholders to accept
the U.S.-based private equity firm's takeover offer. 
    Genesis Bidco, the associate company of Genesis Capital, now has a 32.93% voting power in
Pacific Smiles, the New South Wales-based firm said in a statement. 
    The dental company rejected the same offer earlier this month, citing valuation concerns,
while adding that the bid was "opportunistically timed" and materially below former bidder
National Dental Care's A$2.05 apiece bid. 

($1 = 1.5359 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru; Editing by Alan Barona)
 ((Archishma.Iyer@thomsonreuters.com))