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Townsville-headquartered dental group 1300 SMILES (ASX: ONT) has confirmed it is in talks with New Zealand-based Abano Healthcare Group (NZX: ABA) to acquire the company's Australian business.
Last night the Australian Financial Review published speculation 1300 SMILES was in talks to buy Abano's Maven Dental Group which has 116 practices.
"1300SMILES confirms that it is in confidential discussions with Abano and is conducting due diligence investigations," the company said in an ASX announcement today.
"The outcome of the due diligence and negotiations is speculative."
The revelation comes as Abano has reportedly been in the sights of Melbourne-based BGH Capital, and ABA shares were up 8.4 per cent to NZ$4.65 at 2pm AEST.
"Abano confirms that it is in exclusive discussions with two parties, at this stage on alternative proposals, one involving a proposal for all the shares in Abano (which relates to Abano's New Zealand and Australian operations) and the other for all the shares in Maven Dental Pty Limited only," Abano told the NZX this morning.
"Abano is not in a position to identify the parties with which it is currently in discussions, or to provide additional details.
"Confidentiality agreements are in place with various parties."
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