(Adds details of deal in paragraphs 2-4)
July 26 (Reuters) - Australia's Pacific Current Group (PAC) received a non-binding buyout proposal from Regal Partners Ltd (RPL) , which values the asset manager at A$573.5 million ($388.1 million), the companies said on Wednesday.
Under the proposal, Pacific Current shareholders will get A$7.50 in cash per share and 2.2 shares of GQG Partners GQPIL.PK , which Regal manages, taking the total consideration to an implied value of A$11.12 per share.
This represents a premium of 42.6% to Pacific Current's last close of A$7.8.
An independent board committee will evaluate the proposal, Pacific Current said in a statement, adding that shareholders do not need to take any action in the mean time.
Shares of Pacific Current closed up 0.3% on Wednesday.
($1 = 1.4775 Australian dollars)
News: PAC UPDATE 1-Australia's Pacific Current receives $388 mln buyout offer form Regal Partners
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Last
$10.75 |
Change
-0.050(0.46%) |
Mkt cap ! $561.1M | |||
| Open | High | Low | Value | Volume |
| $10.80 | $10.80 | $10.60 | $433.2K | 40.39K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 403 | $10.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $10.80 | 7936 | 1 |
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| Last trade - 16.10pm 19/08/2024 (20 minute delay) ? |
| PAC (ASX) Chart |