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Castle Dental Centers, Inc., Announces Plans to Merge With Bright Now!(R) Dental, Inc.
Publication:
PR Newswire
Publication Date: 26-APR-04 |
Format: Online
Delivery: Immediate Online Access |
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Article Excerpt
Castle Dental Centers, Inc. (BULLETIN BOARD: CASL.OB) today announced that it has entered into an agreement to merge with Bright Now!(R) Dental, Inc., of Santa Ana, California. Pursuant to an Agreement and Plan of Merger, each Castle stockholder will receive $0.1572 in cash for each share of Castle common stock owned or issuable upon conversion or exercise of outstanding preferred stock, warrants, or options. Castle Dental has approximately 218 million shares of common stock outstanding on a fully diluted basis, for an aggregate purchase price of $34.4 million. In addition, Bright Now will pay off Castle Dental's debt to its senior and senior subordinated creditors in the amount of $18.7 million.
The Boards of Directors of both companies have approved the merger agreement. Sentinel Capital Partners II, L.P., a leading New York based private equity firm with approximately $200 million of capital under management and the majority stockholder of Castle Dental, has executed a written consent approving the merger and Bright Now has executed a...
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