(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)
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$10.66 |
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Open | High | Low | Value | Volume |
$10.76 | $10.83 | $10.60 | $1.033M | 96.41K |
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No. | Vol. | Price($) |
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1 | 3000 | $10.65 |
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Price($) | Vol. | No. |
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$10.85 | 500 | 1 |
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No. | Vol. | Price($) |
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1 | 3000 | 10.650 |
1 | 1000 | 10.620 |
1 | 2500 | 10.600 |
1 | 13 | 10.590 |
1 | 956 | 10.530 |
Price($) | Vol. | No. |
---|---|---|
10.900 | 5000 | 1 |
11.200 | 1000 | 1 |
11.300 | 1000 | 1 |
11.480 | 1000 | 1 |
11.500 | 2144 | 2 |
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