Australian dental centres operator Pacific Smiles backs $198 mln bid from NDC (updated)

Pacific Smiles

29/04/2024 01:26

(Adds details on scheme in paragraph 2-5)
       April 29 (Reuters) - Australia's Pacific Smiles Group
 PSQ.AX  said on Monday it recommended a takeover offer from
National Dental Care (NDC) HoldCo, valuing the dental centres
operator at A$303 million ($198.07 million).
    Pacific said it entered a scheme implementation deed
(SID)with NDC's unit - NDC BidCo Pty Ltd - whereby it received a
cash consideration of A$1.90 per share.
    Under the terms of the NDC deal, Pacific will have the
discretion to pay shareholders a fully-franked dividend of up to
a maximum of 12 Australian cents apiece, it said in an exchange
filing.
    The offer represents a premium of 16.6% to Pacific's last
closing price of A$1.63 on April 26, and is 8.6% more than the
last buyout offer from Genesis Capital Manager I, which Pacific
deemed to be "opportunistically timed."
    "After careful consideration and having received advice from
its legal and financial advisers, the board of Pacific Smiles
has determined NDC's binding proposal, reflected in the SID is a
superior proposal to the Genesis Capital Revised Indicative
Proposal," Pacific Smiles said.  



($1 = 1.5298 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru; Editing by Rashmi
Aich)
 ((Poonam.Behura@thomsonreuters.com;))