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Byline: Andrew Morse
Monarch Dental Corp., a Dallas-based dental clinic chain, said Friday it agreed to sell itself to a consortium led by Santa Ana, Calif.-based Bright Now! Dental Inc. and Gryphon Advisors II LP for $10.88 million in cash.
At $5 per share, the price represents a 35.5% premium over Monarch's close of $3.69 a share Thursday. At the close of trading Friday, Sept. 13, the company's shares had risen nearly 22% to $4.50.
The transaction, which still requires due diligence and Monarch shareholder approval, would solve a problem for Monarch and its creditors. Monarch defaulted on $63.1 million extended to it under a credit facility July …