Australia's Pacific Current wraps up buyout discussions (updated)

Pacific Current

15/11/2023 23:37

(Adds details, background on buyout talks in paragraphs 2-5)
       Nov 16 (Reuters) - Australia's Pacific Current Group
 PAC.AX  said on Thursday it had ended buyout talks with GQG
Partners  GQG.AX  and River Capital as it did not receive any
binding offers from the suitors.
    GQG had offered A$567.3 million ($369.20 million) earlier in
the month to buy the asset management company, but failed to
receive support from Pacific's largest shareholder, River
Capital.
    River Capital lobbed a separate A$541.5 million bid on
Monday to buy Pacific.
    But both did not result in a binding offer that could be
recommended to the shareholders, Pacific said on Thursday.
    "In light of this, the board has determined to conclude the
strategic transaction process and dissolve the Independent Board
Committee," the company said in its filing. 
    
($1 = 1.5366 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru; Editing by Devika
Syamnath and Subhranshu Sahu)
 ((Poonam.Behura@thomsonreuters.com;))