Australia's Pacific Current gets $359 mln takeover offer from money manager GQG (updated)

Pacific Current

01/11/2023 06:15

(Updates with further details and background in paragraphs 2-7)
       Nov 1 (Reuters) - Australia's Pacific Current Group
 PAC.AX  said on Wednesday it received a non-binding indicative
buyout offer from global fund manager GQG Partners  GQPIL.PK ,
valuing the firm at A$567.3 million ($359.04 million). 
    Pacific Current, which serially invests in growing asset
managers locally, was recently subject to a bidding war between
investment manager Regal Partners and GQG.
    Pacific's independent board committee confirmed it had
received a buyout bid from GQG Partners for the acquisition of
the entire firm for A$11 per share in cash, representing a 20.1%
premium to its last close on Wednesday. 
    The asset manager had set up the committee to explore
various alternatives to maximise shareholder return. "The IBC
considers the GQG Proposal (to) represent an attractive value
outcome for all PAC shareholders," Pacific said in a statement.
     Although the Florida-based GQG had not formally submitted a
bid for Pacific, Regal walked away from its proposed A$573.5
million offer in late September.
    GQG, which also owns stakes in companies part of India's
Adani Group through its funds, previously updated the market
regarding its intention to bid for Pacific.
        
($1 = 1.5800 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Subhranshu Sahu and Janane Venkatraman)
 ((Rishav.Chatterjee@thomsonreuters.com;))