Pacific Smiles finds Genesis Capital offer superior, seeks NDC counter (updated)

Pacific Smiles

31/07/2024 03:39

(Adds details from paragraph 2)
       July 31 (Reuters) - Pacific Smiles  PSQ.AX  has found
the buyout offer from private equity firm Genesis Capital
superior to the one from rival bidder National Dental Care
(NDC), it said on Wednesday but left the door open for NDC to
provide a counterproposal.
    The Australian dental care firm said it is still in
discussions with NDC for the latter to formally provide Pacific
Smiles with a revised proposal with an equivalent or superior
outcome to the revised proposal from Genesis Capital.
    The company has informed NDC, exercising special rights for
NDC to better its offer, before the dental care firm changes its
recommendation and finds Genesis Capital's offer superior.
    Pacific Smiles had on Monday recommended shareholders vote
for the offer from NDC even after Genesis Capital raised its bid
to value the company at A$303.2 million ($196.84 million),
matching NDC's offer.
    


($1 = 1.5404 Australian dollars)

 (Reporting by Rishav Chatterjee and Shivangi Lahiri in
Bengaluru; Editing by Subhranshu Sahu and Mrigank Dhaniwala)
 ((Rishav.Chatterjee@thomsonreuters.com;))