(Recasts paragraph 1, updates with further details and background from paragraph 2 onwards)
Aug 1 (Reuters) -
Australia's Pacific Smiles (PSQ) asked investors on Thursday to favor the sweetened A$327.1 million ($214.05 million) bid by National Dental Care (NDC) over a competing takeover offer from Genesis Capital.
Earlier in the week, Genesis Capital had offered A$1.90 per share for Pacific Smiles, which valued the company at A$303.2 million, matching NDC's previous bid.
Thereafter, NDC had provided a counteroffer A$2.05 per share, which Pacific Smile's board has found to be a better deal for shareholders in the absence of a superior proposal.
The scheme meeting to vote on the proposals is scheduled for today, and it will be adjourned by the Chair to August 8 for shareholders to consider the revised offers.
($1 = 1.5272 Australian dollars)
News: PSQ UPDATE 1-Australia's Pacific Smiles recommends NDC's sweetened buyout offer
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Last
$1.58 |
Change
0.000(0.00%) |
Mkt cap ! $254.5M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 632 | $1.58 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.90 | 3900 | 1 |
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