Guess which ASX All Ords share just rocketed 18% on takeover news

The ASX All Ords share is lifting off on Monday amid takeover news.

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Surge in ASX share price represented by happy woman pointing to her big smile

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The All Ordinaries Index (ASX: XAO) is struggling today, despite one ASX All Ords share doing plenty of heavy lifting.

As we head into the Monday lunch hour, the All Ordinaries is just about flat, having recovered from an earlier intraday loss of 0.5%.

But this ASX All Ords share is up 18.0%, trading for $1.41 per share.

Any guesses?

If you said dental centre operator Pacific Smiles Group Ltd (ASX: PSQ), give yourself a virtual gold star.

Here's what's lifting the Pacific Smiles share price today.

ASX All Ords share in takeover crosshairs

The Pacific Smiles share price is soaring after the company reported it has received an unsolicited, non-binding proposal from Genesis Capital regarding a potential acquisition.

Genesis Capital's proposal is for $1.40 in cash per Pacific Smiles share via a recommended scheme of arrangement. That's almost 18% above where the ASX All Ords share closed on Friday at $1.195 per share.

According to the release, Genesis Capital is also considering options that would allow Pacific Smiles shareholders the opportunity to roll their shares into unlisted equity.

Genesis Capital has acquired 29.9 million Pacific Smiles shares, representing 18.75% of the dental centre operator's issued capital.

Pacific Smiles board said it considers the indicative proposal to be "opportunistically timed".

The board said it "will act in what it considers to be the best interests of Pacific Smiles and its shareholders as a whole".

The board of the ASX All Ords share said that included assessing the takeover proposal "relative to continuing to capitalise on our existing network, brand and current trading momentum, and further leveraging our organic growth capability and strong balance sheet position".

Management stressed there was no certainty the proposal would result in a transaction. Shareholders do not need to take any action at this time.

Pacific Smiles has appointed Greenhill & Co as financial adviser and Gilbert + Tobin as legal adviser.

Pacific Smiles share price snapshot

Today's big lift sees the Pacific Smiles share price up 22% over the past month.

The ASX All Ords share remains down 9% year to date.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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