Taking small bites of Coast Dental?

The Detroit dental company that made an unsolicited -- and quickly rebuffed -- bid for Tampa's Coast Dental Services Inc. is used to being rejected.

In July, Great Expressions Dental Centers Inc. offered $12 a share for Birner Dental Management Services Inc. of Denver, which was then trading at about $9.50 a share. Birner, a private company that is 30 percent family owned, said "no thanks" and started buying back its stock. Great Expressions, meanwhile, bought 5 percent of Birner in the open market for less than $12 a share.

It's unlikely Great Expressions will pursue that strategy with Coast Dental, however. The Tampa company is more than 52 percent owned by the Diasti family, who want to take it private by paying outside shareholders $4.50 a share. The Diastis, who also hold top executive positions at Coast, have refused to sell their shares to Great Expressions for $6 a share. Minority shareholders, with no leverage to push for the higher offer, have responded with threats of class action lawsuits.

Richard Beckman, chief executive of Great Expressions, said his private company wants all or nothing of Coast. Asked about the next step, he said, "I don't know. It seems like a soap opera right now."

© 2006 • All Rights Reserved • Tampa Bay Times
490 First Avenue South • St. Petersburg, FL 33701 • 727-893-8111

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright