Australia's Pacific Current soars on takeover bid from GQG Partners

Pacific Current

02/11/2023 24:18

** Shares of Pacific Current  PAC.AX  soar as much as 10.3%
to A$10.10, set for best day since July 27 - if current trend
holds 
    ** Asset manager said after market hours on Wednesday that
it had received takeover bid from GQG Partners  GQG.AX  for
A$11.00 per share, representing 20.1% premium to stock's close
on Wed
    ** Bid values Pacific Current at A$567.3 mln ($364.49 mln)
    ** Co says GQG yet to obtain support of its biggest
shareholder River Capital
    ** More than 455,000 shares change hands, 3.4 times the
30-day average volume of 132,613 shares 
    ** Stock hits highest level since Oct 2 
    ** Shares up ~25.1% this year, as of last close

($1 = 1.5564 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))