Beam Dental Bidco Pty Ltd Offers Takeover for Pacific Smiles Group (ASX: PSQ)

Takeover Offer Overview

Beam Dental Bidco Pty Ltd has initiated an off-market takeover bid for Pacific Smiles Group Limited (ASX: PSQ) targeting all ordinary shares. The offer was first announced on 17 September 2024 and is now supported by a third supplementary bidder’s statement issued on 25 November 2024. The offer price of $1.9825 per share represents Bidco’s best and final price, which will not be increased without an alternative proposal emerging.

Board Recommendation

The Board of Pacific Smiles has unanimously recommended that shareholders accept the cash offer in the absence of a superior proposal. The offer is set to close on 29 November 2024 at 7:00 pm Sydney time. If Bidco attains a voting power of at least 50% prior to this date, it reserves the right to extend the offer.

Key Reasons for Acceptance

Bidco has cited several compelling reasons for Pacific Smiles shareholders to accept the offer, including the provision of certainty of value for shares and the risk of becoming a minority shareholder should Bidco gain control without their participation. Additionally, Bidco holds a currently reported voting power of 40.49%, indicating strong engagement with existing shareholders.

Director Comments

Dr Michael Caristo, Director of Beam Dental Bidco, stated, “We believe this offer represents the best outcome for Pacific Smiles shareholders and provides immediate liquidity in an uncertain market. We encourage shareholders to take action promptly to benefit from this offer.”

Next Steps for Shareholders

Shareholders wishing to accept the offer can do so online or via physical acceptance forms before the offer closure. Bidco aims to process payments swiftly, typically within 20 days after a valid acceptance. Further details regarding the offer can be found in the supplementary bidder’s statement.

Additional Information

Bidco emphasises the lack of competing proposals and intends to proceed with the acquisition expeditively. Shareholders are advised to consider the detailed instructions on acceptance and the implications of their decisions carefully.

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Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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