Pacific Smiles backs NDC proposal after Genesis ups offer to match (updated)

Pacific Smiles

29/07/2024 24:01

(Adds details and background from paragraph 2 onwards)
       July 29 (Reuters) - Australia's Pacific Smiles  PSQ.AX 
on Monday said it continues to recommend shareholders to vote
for the takeover offer from National Dental Care (NDC) after
rival bidder Genesis Capital raised its bid to match NDC's A$303
million ($198.56 million)offer. 
    Genesis Capital, a private equity firm, is now offering
A$1.90 for every Pacific Smiles share it does not already own,
matching National Dental Care's bid of A$1.90 per share. 
        The Genesis bid values the dental-care firm at A$303.2
million. The A$1.90 offer represents a near 3% premium to
Pacific's last closing share price. 
  
        At the time that Pacific accepted the offer from NDC,
the board indicated that investors should vote for the deal
unless there was a "superior proposal" emerging. 
  
        The company's board and its advisers are assessing the
Genesis revised offer, Pacific said, including whether it counts
as a "superior proposal." 
  

($1 = 1.5260 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Leslie
Adler)
 ((Rishav.Chatterjee@thomsonreuters.com;))