Adds details from paragraph 2 onwards
Nov 13 (Reuters) - Australia's Pacific Smiles PSQ.AX on Wednesday recommended its shareholders reject U.S.-based Genesis Capital's "best and final" takeover offer of A$316.4 million ($206.74 million), citing valuation concerns.
Earlier this week, private equity firm Genesis, which is the top shareholder of Pacific Smiles with a 19.9% stake, increased its offer for the dental company to A$1.9825 per share for all the shares it does not currently hold.
The proposal comprises a cash payment of A$1.95 to Pacific Smiles shareholders and a 3.25 Australian cents dividend already paid in late August.
Pacific Smiles said the offer remains "opportunistically timed" and materially below former bidder National Dental Care's (NDC) A$2.05 apiece bid.
($1 = 1.5305 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu)
((Sneha.Kumar@thomsonreuters.com;))
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