GeoDigm to Acquire National Dentex
BY LAUREN UZDIENSKI, APRIL 5, 2010
National Dentex announced this morning that it has entered into an agreement to be taken private by GDC Holdings, parent company of GeoDigm Corporation. The all-cash transaction is valued at around $125 million, or $17.00 per share, which represents a 70% premium on National Dentex's last close of $10.02. The merger agreement includes a go-shop period that closes on May 12.
National Dentex owns and operates 44 dental laboratories throughout the U.S., with one lab in Canada. In 2009, the company reported revenue of $161.9 million. GeoDigm, a Welsh Carson portfolio company, manufactures laser scanning and imaging technology and owns and operates several labs in the upper Midwest. In the press release, GeoDigm said the combined companies would enable a broader reach for the GeoDigm technology as well as an increase in acquisition capacity.
Pending shareholder and regulatory approval, National Dentex expects the transaction to close at the end of 2Q:10. At mid-day, shares of National Dentex were trading up 68% to $16.85.
