Pacific Smiles Group received an unsolicited, non-binding proposal from Genesis Capital Manager I to acquire Pacific Smiles at $1.40 in cash per share.

The proposal also outlines Genesis Capital's consideration of options for Pacific Smiles shareholders to convert their shares into unlisted equity.

Genesis Capital has acquired an economic interest in 29.9 million Pacific Smiles shares, constituting 18.75% of the issued capital.

The proposal is subject to several conditions, including satisfactory diligence and negotiation of transaction documents.