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Australia's Regal Partners RPL.AX said on Thursday it had formally withdrawn its A$573.5 million ($364.34 million) non-binding proposal to acquire asset manager Pacific Current Group PAC.AX.In July, Regal had offered to buy Pacific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.
Australia's Regal Partners withdraws buyout offer for Pacific Current Group
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