Australia's Pacific Current Group falls after closing buyout discussions

Pacific Current

16/11/2023 01:12

** Shares of Pacific Current Group  PAC.AX  fall as much as
11.1% to A$8.010, their lowest since July 26 
    ** Asset management company ends buyout talks saying it did
not receive any binding offers from its suitors
    ** PAC has been the target of a bidding war between Regal
Partners  RPL.AX  and GQG Partners  GQG.AX 
    ** GQG offered A$567.3 mln ($368.57 mln) to buy PAC, but
failed to get support from co's largest shareholder, River
Capital
    ** Earlier this week, River Capital offered A$541.5 mln to
buy PAC 
    ** PAC stock down for a sixth consecutive session  
    ** As of last close, stock up 23.1% this year

($1 = 1.5392 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))