Dental News - American Dental Partners goes private

American Dental Partners goes private

Dental Tribune International

Tue. 14 February 2012

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NEW YORK CITY, N.Y., USA: American Dental Partners, Inc. was delisted from the Nasdaq stock exchange last week owing to the completion of a multimillion-dollar acquisition by JLL Partners. The New York-based private equity firm, which has shares in the healthcare and electronic payment industry, was reported to have taken over the practice management company for a sum of $398 million in shares.

The acquisition was dogged by concerns that JLL was underpaying for ADPI shares. Since the merger agreement became public in November, several law firms in the U.S. have been investigating the board's decision for possible breaches of fiduciary duty and other violations of law.

American Dental Partners first went public on the Nasdaq in spring 1998. Company stocks reached their highest level in mid-2007 when the company was able to boost net revenues to over $130 million. Stock prices, however, plunged dramatically in 2008 owing to decreasing income caused by the effects of the recession.

The business results reported for Q3/Q4 of 2011 did not meet analysts' expectations.

According to the terms of the agreement, ADPI shareholders will receive $19 per share in cash as result of the acquisition.

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