(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)
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$1.76 |
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Mkt cap ! $280.8M |
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1 | 10000 | 1.700 |
1 | 75000 | 1.690 |
Price($) | Vol. | No. |
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