Pacific Smiles Group (ASX:PSQ) has confirmed 10% shareholder HBF – the private health insurer – will vote in favour of PSQ’s buyout by NDC BidCo.
The deal has already been confirmed, somewhat, with NDC and PSQ teaming up to agree on a $1.90 per share bid back in May. Today’s confirmation is a further cementing of the stones towards that outcome.
Holding a 10.03% exactly, PSQ said on Monday it had been advised by HBF the insurer would be voting yes. The company flagged on Monday no superior proposal above $1.90/ps has emerged.
“Pacific Smiles Directors continue to recommend that shareholders vote in favour of the Scheme subject only to no Superior Proposal emerging and the Independent Expert not withdrawing or adversely changing its conclusion,” the company wrote on Monday.
PSQ last traded at $1.82.