The All Ordinaries Index (ASX: XAO) is struggling today, despite one ASX All Ords share doing plenty of heavy lifting.
As we head into the Monday lunch hour, the All Ordinaries is just about flat, having recovered from an earlier intraday loss of 0.5%.
But this ASX All Ords share is up 18.0%, trading for $1.41 per share.
Any guesses?
If you said dental centre operator Pacific Smiles Group Ltd (ASX: PSQ), give yourself a virtual gold star.
Here's what's lifting the Pacific Smiles share price today.
Image source: Getty Images
ASX All Ords share in takeover crosshairs
The Pacific Smiles share price is soaring after the company reported it has received an unsolicited, non-binding proposal from Genesis Capital regarding a potential acquisition.
Genesis Capital's proposal is for $1.40 in cash per Pacific Smiles share via a recommended scheme of arrangement. That's almost 18% above where the ASX All Ords share closed on Friday at $1.195 per share.
According to the release, Genesis Capital is also considering options that would allow Pacific Smiles shareholders the opportunity to roll their shares into unlisted equity.
Genesis Capital has acquired 29.9 million Pacific Smiles shares, representing 18.75% of the dental centre operator's issued capital.
Pacific Smiles board said it considers the indicative proposal to be "opportunistically timed".
The board said it "will act in what it considers to be the best interests of Pacific Smiles and its shareholders as a whole".
The board of the ASX All Ords share said that included assessing the takeover proposal "relative to continuing to capitalise on our existing network, brand and current trading momentum, and further leveraging our organic growth capability and strong balance sheet position".
Management stressed there was no certainty the proposal would result in a transaction. Shareholders do not need to take any action at this time.
Pacific Smiles has appointed Greenhill & Co as financial adviser and Gilbert + Tobin as legal adviser.
Pacific Smiles share price snapshot
Today's big lift sees the Pacific Smiles share price up 22% over the past month.
The ASX All Ords share remains down 9% year to date.
