Street Talk

Crescent Capital’s 1¢ Pacific Smiles bid increase leads to chagrin

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 23, 2024 – 6.31pm

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Crescent Capital raised eyebrows on Tuesday when it upped its $1.90-a-share offer for ASX-listed dental clinic operator Pacific Smiles by just 1¢.

The skinny increase, which Crescent declared was their best and highest, sees the scheme consideration increase by 0.5 per cent to $1.91. As such, this is the offer that will be put to the scheme meeting in early August.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com