Australia's Pacific Smiles rises on sweetened buyout bid from NDC

Pacific Smiles

01/08/2024 02:31

** Shares of Pacific Smiles  PSQ.AX  rise as much as 9% to
A$2.06, their highest since May 5, 2022
    ** Stock posts its biggest intraday pct gain since April 29
    ** PSQ shares log fourth day of consecutive gains
    ** The dental center operator says its board recommends
shareholders vote in favour of National Dental Care's (NDC)
revised offer of A$2.05, valuing the company at A$327.1 mln
($213.83 mln)
    ** Says NDC's proposal is superior to competing bidder
Genesis Capital's offer of A$303.2 mln at A$1.90 per PSQ share
    ** Stock has risen 29.5% this year, as of last close

   ($1 = 1.5298 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))