Pacific Smiles Group (ASX:PSQ) announced a major reorganization of its board of directors following the assumption of effective control by Genesis Bidco.

Genesis Bidco, a private investment firm affiliated with Genesis Capital, currently holds 59.2% of the company’s voting power and has made a cash offer to acquire all remaining shares. The automatically extended offer period is scheduled to end at 7pm Sydney time on 12 December 2024, but Genesis Bidco reserves the right to further extend it.

The board of directors unanimously recommended that shareholders accept the offer in the absence of a better offer.

The changes to the Board of Directors are expected to occur after Pacific Smiles’ next meeting on December 16, 2024. Chairman Giselle Collins and two non-executive directors have announced their intention to resign. They will be replaced by Genesis Bidco nominee Dr Michael Callisto as chairman, with Chris Yeo and Tara Hariharan as non-executive directors. Genesis Bidco says these appointees are not considered independent directors under the ASX Governance Guidelines and their appointments are subject to standard checks.

Pacific Smiles operates more than 120 dental centers across Australia, providing patient-centered care and services.