Pacific Smiles board recommends against Genesis' revised offer (updated)

Pacific Smiles

13/11/2024 05:50

(Adds details from paragraph 2 onwards)
       Nov 13 (Reuters) - Australia's Pacific Smiles  PSQ.AX 
on Wednesday recommended its shareholders reject U.S.-based
Genesis Capital's "best and final" takeover offer of A$316.4
million ($206.74 million), citing valuation concerns.
    Earlier this week, private equity firm Genesis, which is the
top shareholder of Pacific Smiles with a 19.9% stake, increased
its offer for the dental company to A$1.9825 per share for all
the shares it does not currently hold.
    The proposal comprises a cash payment of A$1.95 to Pacific
Smiles shareholders and a 3.25 Australian cents dividend already
paid in late August.
    Pacific Smiles said the offer remains "opportunistically
timed" and materially below former bidder National Dental Care's
(NDC) A$2.05 apiece bid. 

($1 = 1.5305 Australian dollars)

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