UK dentist group switches support after higher offer

The UK’s biggest dentistry group Oasis Healthcare today switched its allegiance and gave its support to a £85m (€126.4m) takeover offer from its largest shareholder.

Oasis said that following talks with Associated Dental Practices (ADP) it had decided to recommend the group’s 91p a share offer for the company, turning its back on a previously recommended bid from private equity firm Duke Street Capital.

A bid battle for the dentistry group broke out earlier this month after Norwich-based Oasis announced it had agreed to a £77m (€114.5m) takeover bid from Duke Street.

That sparked the interest from Reigate-based rival ADP, which currently has a 19.3% stake in Oasis.

Oasis chairman Ron Trenter said: “We believe that the ADP offer, which is at a clear premium to the value offered under the Duke Street offer, provides Oasis shareholders with an attractive cash price which reflects the quality of the business.”