WALNUT CREEK, Calif. (AFX) - BriteSmile Inc., which operates a chain of 17 teeth-whitening centers, said Sunday that its board rejected an acquisition bid from dental referral service Futuredontics Inc.
The offer of $4 per share in cash and stock was made on June 5. Futuredontics is best known for its brand 1-800-DENTIST.
In a statement Sunday, BriteSmile said its board had rejected the offer because privately held Futuredontics had informed it that it did not have the funds to complete the deal. Additionally, BriteSmile said holders of a 55 percent stake in the company had opposed the terms of the proposed deal.
Shares of Walnut Creek, Calif.-based BriteSmile surged 16 percent on Friday on the Nasdaq Stock Market.
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