Pacific Smiles backs NDC proposal after Genesis ups offer to match
Adds details and background from paragraph 2 onwards
July 29 (Reuters) -Australia's Pacific Smiles PSQ.AX on Monday said it continues to recommend shareholders to vote for the takeover offer from National Dental Care (NDC) after rival bidder Genesis Capital raised its bid to match NDC's A$303 million ($198.56 million)offer.
Genesis Capital, a private equity firm, is now offering A$1.90 for every Pacific Smiles share it does not already own, matching National Dental Care's bid of A$1.90 per share.
The Genesis bid values the dental-care firm at A$303.2 million. The A$1.90 offer represents a near 3% premium to Pacific's last closing share price.
At the time that Pacific accepted the offer from NDC, the board indicated that investors should vote for the deal unless there was a "superior proposal" emerging.
The company's board and its advisers are assessing the Genesis revised offer, Pacific said, including whether it counts as a "superior proposal."
($1 = 1.5260 Australian dollars)
Reporting by Rishav Chatterjee in Bengaluru; Editing by Leslie Adler
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