Pacific Smiles Group (ASX:PSQ) signed a bid implementation agreement with Beam Dental Bidco (Genesis Bidco), an associate of Genesis Capital Manager I, under which Genesis Bidco will make an off-market takeover bid to acquire all the Pacific Smiles shares it does not already own at AU$2.20 apiece, according to a Friday filing with the Australian bourse.
The company's independent board committee unanimously recommended that its shareholders accept the offer in the absence of a superior proposal and subject to the independent expert continuing to confirm that the offer is fair and reasonable to non-associated shareholders, the filing said.
Genesis Bidco currently holds 89.27% of the company's shares, per the filing.