Pacific Smiles Group (ASX:PSQ) said Genesis Bidco, an associate of Genesis Capital Manager is on track to acquire the company following its unconditional off-market takeover bid, according to a Friday filing with the Australian bourse.
Genesis Bidco holds 32.93% of voting power as of Nov. 22 and has secured support from shareholders holding around 12% of voting power, and will likely have enough support to control future resolutions and obtain effective control of the company, the filing said.
Accordingly, the dental group recommends that shareholders accept the cash offer from Genesis Bidco.
The offer is scheduled to close on Nov. 29.
Greenhill & Co. acts as the financial adviser and Gilbert + Tobin acts as the legal adviser for the company.
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