June 15, 2020
Torys is representing Canaccord Genuity as financial advisor to the Special Committee with a team that includes John Emanoilidis and Daniel Masliyah (corporate/M&A).
On June 15, 2020, Apteryx Imaging Inc. ("Apteryx") announced that it entered into an arrangement agreement with PDDS Buyer, LLC ("Planet DDS"), a portfolio company of Level Equity Management, LLC ("Level Equity"), pursuant to which a Planet DDS subsidiary will acquire 100% of the Apteryx’s outstanding common and preferred shares for C$0.65 per share in an all-cash transaction. The price per share implies an aggregate equity value for Apteryx of approximately C$39.0 million.
A Special Committee of independent directors was established by Apteryx's Board of Directors in order to review and consider terms and conditions of the transaction. The Special Committee and the Apteryx Board obtained a fairness opinion from Canaccord Genuity Corp.
The Apteryx Board unanimously determined that the arrangement is in the best interests of the company and is fair to Apteryx securityholders and will unanimously recommend that Apteryx securityholders vote in favor of the arrangement at a meeting of securityholders. The transaction is expected to close shortly following the meeting, subject to receipt of required securityholder, court and other approvals and satisfaction of other closing conditions.
Apteryx has provided dentists and oral health specialists with advanced diagnostic imaging software and device technologies for over 20 years. Apteryx's proprietary technologies include XrayVision, XVWeb and XrayVision DCV imaging software solutions, the VELscope Vx Enhanced Oral Assessment and TUXEDO Intraoral Sensors.
Planet DDS is the largest independent provider of cloud-native practice management software to the dental industry. The company's flagship product, Denticon, is the only proven, time-tested software offering that was built from the ground up for multi-location groups in the cloud.
Level Equity is a growth equity firm focused on providing capital to rapidly growing software and internet companies.
Further information can be found on Accesswire’s website.