Australia's Regal Partners withdraws buyout offer for Pacific Current Group (updated)

Pacific Current

28/09/2023 02:00

(Adds details and background in paragraphs 2-5)
       Sept 28 (Reuters) - Australia's Regal Partners  RPL.AX 
said on Thursday it had formally withdrawn its A$573.5 million
($364.34 million) non-binding proposal to acquire asset manager
Pacific Current Group  PAC.AX .
    In July, Regal had offered to buy Pacific Current for A$7.50
per share in cash and 2.2 shares of GQG Partners  GQPIL.PK ,
which Regal manages.
    "Regal has been consistently disappointed with the
engagement by the Pacific Current board since its initial NBIO
(non-binding indicative proposal) in March," the company said in
a statement.
    Regal said it remained a substantial shareholder in Pacific
Current and that it maintained its view that an acquisition
could provide strategic benefits to both companies.
    Pacific Current did not immediately respond to a Reuters'
request for comment.

($1 = 1.5741 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by
Subhranshu Sahu)
 ((Himanshi.Akhand@thomsonreuters.com;))