Australia's Pacific Smiles shareholders reject NDC's $215 mln buyout offer (updated)

Pacific Smiles

08/08/2024 05:43

(Adds details, background from paragraph 2 onwards)
       Aug 8 (Reuters) - Australia's Pacific Smiles  PSQ.AX 
said on Thursday its shareholders have voted against National
Dental Care's (NDC) A$327.1 million ($214.5 million) takeover
offer.
    NDC had been vying with U.S.-based private equity firm
Genesis capital for control of the dental company.
        Shares of Pacific Smiles fell as much as 2.7%, their
biggest decline since June 27.
    Earlier this month, the company had recommended NDC's offer
over Genesis Capital's previous A$303.2 million bid.
        "It is unclear if the Genesis revised proposal remains
available for the Board to pursue on the same terms or at all if
today’s vote is unsuccessful", Pacific Smiles chairperson Zita
Peach said before the vote.
        In a statement, the company said it remains open to
exploring alternative transactions.
    Genesis Capital did not immediately respond to Reuters'
request for comments.

($1 = 1.5246 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru; Editing by Varun
H K)
 ((Aaditya.GovindRao@thomsonreuters.com;))