Advisers take $1m bite out of 1300 Smiles for tilt at Maven
Fees charged by lawyers and corporate advisors will drag down an ASX dental group which attempted a big bite on the acquisition front.
An unsuccessful pursuit by ASX-listed dentistry group 1300 Smiles of 116 dental surgeries which trade under the Maven brand in Australia has cost it almost $1 million, as the bills from specialist advisers and lawyers mount up.
1300 Smiles managing director Daryl Holmes said on Monday he was disappointed the group was outbid by a private equity consortium, which bought the whole of the Abano business for $278 million on November 11. The acquisition also included New Zealand's largest dental group Lumino.
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