@lostWhat's the best way to play this story ?Probably via PAC...

@lost

What's the best way to play this story ?
Probably via PAC directly, looking at the downside risk and upside potentials.
The share price of both Regal and GQG may be a bit under pressure if they begin to compete with each other in term of PAC's bids.

Regarding PAC, I suspect that Regal's offer (around $11.14) will probably be the minimum that investors will get.
The worse case scenario would be that Regal withdraws its bid and/or fails to get PAC's board approval, while GQG decides not to do any bid.
This scenario seems to me quite unlikely now.

Just wondering about the funding for GQG to do a bid.
Of course they can distribute the 4 % in GQG of PAC, but they need at least 350 m to buy PAC.
PAC is a great way for GQG to develop new strategies and not be any more just a long only fund manager.