I agree with Lost's opening comment, this certainly clears the...

I agree with Lost's opening comment, this certainly clears the way for a potential takeover...surely GQG would be more attracted to repeat their overtures now with a much higher GQG share price. This just makes that potential move easier, because it removes the need for GQG to deal with their shares owned by PAC (if Rajiv truly thought his own scrip was still cheap, he'd probably be buying it back on market anyway), and this sale improves the free float of GQG for index weighting to boot.

Either way, even if not setting the stage for takeover, this sale could still be a smart move by PAC management...some markets are looking relatively fully valued, and if we were to get a correction during this first half of 2024, stakes in funds management businesses will be cheaper for PAC to acquire (because FUM has fallen, boutique's profits are leveraged to this and general sentiment will be poorer regarding revenue growth).
So hopefully this move has made PAC pregnant with possibilities...time will tell.

Yes, GQG was an excellent growth business for us (PAC) to be invested in, but as they say...when the bus crashes, even the pretty girls get hurt.
Even if GQG were to outperform in a diving market, their FUM will still drop and sentiment/valuation multiples may still decline...see the pullbacks in PNI stock from time to time when markets have corrected...and though I think Rajiv is brilliant, he is also human, and there's no guarantee that he gets everything right over the next few years...even though I'd back him to do well in the long run, and would perhaps buy GQG shares again if the opportunity arose during any meaningful correction.