Pacific Smiles Group (ASX:PSQ) has announced a major reconstitution of its board of directors following Genesis Bidco’s assumption of effective control.
Genesis Bidco, a private investment entity associated with Genesis Capital, now holds 59.2% of voting power in the company and has made a cash offer to acquire all remaining shares. The automatically extended offer period is now scheduled to close on 12 December 2024 at 7pm Sydney time, although Genesis Bidco reserves the right to extend it further.
The Board unanimously recommended that shareholders accept this offer in the absence of a superior proposal.
The Board changes will take place after Pacific Smiles’ next meeting on 16 December 2024. Chair Giselle Collins and two non-executive directors have announced their intention to step down. They will be succeeded by Genesis Bidco’s nominees: Dr Michael Caristo, who will become chairman, along with Chris Yoo and Tara Hariharan as non-executive directors. Genesis Bidco has indicated that these appointees will not be considered independent directors under ASX governance guidelines, with their appointments subject to standard checks.
Pacific Smiles operates over 120 dental centers across Australia, providing patient-centred care and services.