Australia's Pacific Current receives $388 mln buyout offer form Regal Partners (updated)

Pacific Current

26/07/2023 09:00

(Adds details of deal in paragraphs 2-4)
       July 26 (Reuters) - Australia's Pacific Current Group
 PAC.AX  received a non-binding buyout proposal from Regal
Partners Ltd  RPL.AX , which values the asset manager at A$573.5
million ($388.1 million), the companies said on Wednesday.
    Under the proposal, Pacific Current shareholders will get
A$7.50 in cash per share and 2.2 shares of GQG Partners
 GQPIL.PK , which Regal manages, taking the total consideration
to an implied value of A$11.12 per share. 
    This represents a premium of 42.6% to Pacific Current's last
close of A$7.8.
    An independent board committee will evaluate the proposal,
Pacific Current said in a statement, adding that shareholders do
not need to take any action in the mean time.        
    Shares of Pacific Current closed up 0.3% on Wednesday.   

($1 = 1.4775 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru; Editing by Varun H
K and Subhranshu Sahu)
 ((Nausheen.Thusoo@thomsonreuters.com;))