Dental company Pacific Smiles Group rejected the unsolicited, non-binding indicative proposal from Genesis Capital Manager I to acquire all shares for $1.40 in cash per share.

The rejection is based on the proposal's failure to reflect strategic value, pandemic-related investments, potential synergies, strong trading momentum, and a forward EV/EBITDA multiple of 8.1x.

Pacific Smiles deemed the proposal opportunistic and undervaluing, emphasising confidence in the company's prospects under new Managing Director Andrew Vidler.

The company's board invited Genesis Capital to formulate an improved proposal by offering limited access to non-public information.