Hi @saintex
The way I see it, PAC at current market cap of $350M and assume GQG fair value is around MFG market cap $7.5B (even though GQG is growing faster), the remaining businesses of PAC are free.
5% of $7.5B is $375M, so to be more concise PAC share price would need to be closer to $7.40 for the remaining businesses to be free.
Best of Luck
Lost
