Pacific Smiles: Key Shareholders Reject Genesis' Terms

Sep 30, 2024

∙ Paid

MA Financial (13.43% of shares out) and Alison Hughes (9.94%) said they will reject Genesis A$1.8675/share offer for Pacific Smiles (PSQ AU); therefore the 90% acceptance condition cannot be met.
Separately, PSQ's board also rejected terms, as Genesis Offer is below NDC's A$2.05/share Offer; plus terms are "opportunistic" as they do not account for PSQ's recent strong financial improvement.
What now? Genesis has the flexibility to bump. Expect that to occur. They won't fold their tent in response to this latest development.

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