(Updates with further details and background in paragraphs 2-7)...

(Updates with further details and background in paragraphs 2-7)

Nov 1 (Reuters) - Australia's Pacific Current Group (PAC) said on Wednesday it received a non-binding indicative buyout offer from global fund manager GQG Partners GQPIL.PK , valuing the firm at A$567.3 million ($359.04 million).

Pacific Current, which serially invests in growing asset managers locally, was recently subject to a bidding war between investment manager Regal Partners and GQG.

Pacific's independent board committee confirmed it had received a buyout bid from GQG Partners for the acquisition of the entire firm for A$11 per share in cash, representing a 20.1% premium to its last close on Wednesday.

The asset manager had set up the committee to explore various alternatives to maximise shareholder return. "The IBC considers the GQG Proposal (to) represent an attractive value outcome for all PAC shareholders," Pacific said in a statement.

Although the Florida-based GQG had not formally submitted a bid for Pacific, Regal walked away from its proposed A$573.5 million offer in late September.

GQG, which also owns stakes in companies part of India's Adani Group through its funds, previously updated the market regarding its intention to bid for Pacific. ($1 = 1.5800 Australian dollars)