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InterDent Ends Agreement to Be Bought

May 05, 2000|Bloomberg News

El Segundo-based InterDent Inc., the largest dental practice-management company in the U.S., said it ended an agreement to be bought by a group of its top managers, investors and merchant bank Leonard Green & Partners. InterDent also said it received a commitment from a private investment group to fund $30 million in secured senior subordinated debt, which is expected to close by May 31. The company will use the money to pursue acquisitions, Chief Executive Michael Fiore said. InterDent didn't name the investment group. InterDent and Leonard Green both agreed to terminate the $325-million buyout, which was announced in October. The buyout proposal had prompted shareholder lawsuits claiming that the $9.50-a-share offer undervalued their stock. InterDent shares rose 19 cents to $4.63.

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