Australia's Pacific Current gets $343.6 mln rival bid from River Capital (updated)

Pacific Current

12/11/2023 22:20

(Adds details on takeover offer in paragraphs 2-6)
       Nov 13 (Reuters) - Australia's Pacific Current  PAC.AX 
on Monday said it had received an offer from its biggest
shareholder, River Capital, to acquire 100% shares in the
company for A$541.5 million ($343.58 million).
    River Capital, which holds about 17.6% in Pacific, has
opposed a A$567.3 million buyout offer from global fund manager
GQG Partners  GQPIL.PK . 
        Pacific, which serially invests in growing asset
managers locally, was the target of a bidding war between Regal
Partners  RPL.AX  and GQG, with River Capital lobbying for
Regal. 
        River Capital's A$10.50 per share bid for Pacific, which
was made on Nov. 7, represents a premium of 8% to Pacific's last
closing of A$9.72 on Nov. 10, but falls short of GQG's offer of
A$11. 
        Pacific Current said GQG confirmed that it was not aware
of the proposed takeover offer from River Capital, adding GQG
was also not prepared to provide funding based on the proposed
acquisition terms.  
        Pacific said its independent board committee (IBC) was
informed by River Capital that discussions between River Capital
and GQG have ceased.
    ($1 = 1.5760 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru; Editing by Sandra
Maler and Grant McCool)
 ((Poonam.Behura@thomsonreuters.com;))