Abano Receives Over 96% Acceptance on Dental Partners Offer
Abano Healthcare Group has advised shareholders in Dental Investments Holdings Limited (DIHL) that it has received acceptances relating to 96.8% of the shares in DIHL pursuant to its offer to acquire all of the shares in DIHL.
Accordingly, Abano will proceed with the compulsory acquisition of the remaining shares held in DIHL in respect of which Abano’s offer has not been accepted by the closing date. The closing date of the offer is 25 July 2012.
Abano Healthcare Group holds 70% of shares in Dental Partners Pty Limited (Dental Partners). On 23 June 2012, Abano made the offer to acquire all the shares of DIHL, the company that holds the outstanding 30% interest in Dental Partners. DIHL holds no other assets aside from its shareholding in Dental Partners.
The offer has the support of the DIHL board of directors. David Garofalo and Michael Timoney, who are directors of DIHL, and their associated interests collectively hold 76% of the shares in DIHL. It is expected that the balance of the DIHL shares will be acquired by the end of July 2012.