Australia's Pacific Current jumps most in 22 years on $388 mln buyout offer

Pacific Current

27/07/2023 02:11

** Shares of Pacific Current Group  PAC.AX  jump as much as
36.5% to A$10.650, posting their biggest intraday pct gain since
Aug. 23, 2001
    ** Multi-boutique asset management firm said after market
hours on Wednesday that it had received a non-binding buyout
proposal from Regal Partners  RPL.AX , valuing it at A$573.5 mln
($388.09 mln)
    ** Under proposal, PAC shareholders to get A$7.50 per share
in cash and 2.2 shares of GQG Partners  GQG.AX , which Regal
manages, taking the total consideration to an implied value of
A$11.12 per share - a 42.6% premium to last close on July 26
    ** GQG partner says it intends to submit a non-binding
indicative proposal to acquire all shares in PAC
    ** PAC shares hit their highest level since June 17, 2015
and on track for a third consecutive session of gains
    ** PAC stock up 6.6% YTD, as of last close 
    ** RPL shares rise as much as 4.7% on Thursday, while GQG
shares fall up to 3.6%
    ** PAC among top gainers on the ASX All Ordinaries Index
 .AORD 

($1 = 1.4778 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))