Australia's Pacific Current slumps as $365.2 mln buyout offer falls through

Pacific Current

28/09/2023 04:03

** Shares of asset manager Pacific Current Group Ltd
 PAC.AX  fall as much as 11.2% to A$9.950, their biggest
intraday pct decline since Sept. 9, 2022
    ** Shares hit lowest level since July 26 
    ** Investment manager Regal Partners  RPL.AX  formally
withdraws its A$573.5 mln ($365.15 mln) non-binding proposal to
acquire PAC 
    ** Shares of Regal Partners are up as much as 2.7% at
A$2.250
    ** Regal says it has been consistently disappointed with
engagement by PAC board since its initial proposal in March
    ** Says it remains a substantial shareholder in Pacific
Current 
    ** PAC shares up 53% this year, as of last close, while RPL
shares down 36.2% 
   


($1 = 1.5706 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))