Dental News - U.S. dental acquisition comes under legal fire

Dental Tribune International

Wed. 9 November 2011

save

NEW YORK CITY, N.Y., USA: Multiple U.S. law firms are seeking shareholders of American Dental Partners in order to investigate claims against the company's board of directors for having breached fiduciary duties and other laws by approving an acquisition through New York private equity investor JLL Partners. On Monday, it was reported that JLL had acquired the NASDAQ-listed practice management company based in Wakefield, Mass., for $19 per share in cash or a total sum of $398 million.

The merger agreement between both companies was preceded by recommendations of a special committee comprising members of ADPI's Board of Directors. In a press release, law firm Weiss & Lurie said that investigations are underway to determine whether the board acted in the best interests of its shareholders in approving the transaction. Representatives of Levi & Korsinsky, another New York City law firm, said that concerns have been raised whether JLL is underpaying for ADPI shares, which would harm current stockholders of the company.

ADPI shares closed up 79 per cent, or 8.20 cents, at 18.58 on Monday.

The company currently provides services, facilities and staff to more than 25 dental group practices throughout the U.S., including Fusion Dental, a multi-specialty dental group with several offices in Maryland and Virginia.

The acquisition is the first dental-related investment by JLL, which has shares in other healthcare and electronic payment businesses.

To post a reply please login or register

Fluoride-rich baby food under fire

NEW YORK/LEIPZIG, Germany: Scientists in the US have warned of the risks of exposing young children to large amounts of fluoride. In a study published in ...

CDA files legal action against Delta Dental of California

SACRAMENTO, Calif., USA: On behalf of its members, the California Dental Association — along with several individual dentist providers — has ...

One in five US children lacks access to dental care

WASHINGTON/NEW YORK, USA: A recent report from the Pew Center on the States paints a sad picture about the oral health of many children in the United ...

US smokers have fewer dental check-ups

ATLANTA, Ga., USA: Smokers in the USA seem to be seriously neglecting their oral health. According to the results of a survey conducted by the Centers for ...

Salvin announces the acquisition of Exactech’s dental biologics assets

Salvin Dental Specialties, through its Salvin Regenerative subsidiary, recently announced that it has acquired substantially all of the assets of ...

2013 Greater New York Dental Meeting gets under way

NEW YORK, N.Y., USA: Every year right after Thanksgiving, dental professionals flock to the Big Apple from across the country and around the world to attend...

Handheld dental x-ray devices under investigation by FDA

SILVER SPRING, Md., USA: The Food and Drug Administration is advising dental professionals and veterinarians in the U.S. to stay away from handheld x-ray ...

SmileCon 2023 comes to Orlando

Orlando will play host to thousands of dental professionals attending the American Dental Association’s SmileCon 2023.

Align completes acquisition of Cadent

Align Technology announced May 2 that it has completed the acquisition of privately-held Cadent Holdings (Cadent), a leading provider of 3-D digital ...

Retainer usage under investigation

CLEVELAND, OH, USA: Little has been written about retainer usage and subsequent patient compliance. For this reason, Prof. Manish Valiathan, Assistant ...

Education

Live webinar
Fri. 26 April 2024
12:00 PM EST (New York)