Australia's Pacific Smiles recommends NDC's sweetened buyout offer
Recasts paragraph 1, updates with further details and background from paragraph 2 onwards
Aug 1 (Reuters) -Australia's PacificSmiles PSQ.AX 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)
Reporting by Sneha Kumar; Editing by Mohammed Safi Shamsi and Alan Barona
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