(Adds details and background in paragraphs 2-5)
Sept 28 (Reuters) - Australia's Regal Partners (RPL) said on Thursday it had formally withdrawn its A$573.5 million ($364.34 million) non-binding proposal to acquire asset manager Pacific Current Group (PAC) .
In July, Regal had offered to buy Pacific Current for A$7.50 per share in cash and 2.2 shares of GQG Partners GQPIL.PK , which Regal manages.
"Regal has been consistently disappointed with the engagement by the Pacific Current board since its initial NBIO (non-binding indicative proposal) in March," the company said in a statement.
Regal said it remained a substantial shareholder in Pacific Current and that it maintained its view that an acquisition could provide strategic benefits to both companies.
Pacific Current did not immediately respond to a Reuters' request for comment.
($1 = 1.5741 Australian dollars)
News: PAC UPDATE 1-Australia's Regal Partners withdraws buyout offer for Pacific Current Group
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Last
$10.95 |
Change
0.030(0.27%) |
Mkt cap ! $329.8M | |||
| Open | High | Low | Value | Volume |
| $10.92 | $10.96 | $10.82 | $65.3K | 5.993K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 222 | $10.93 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $10.94 | 139 | 6 |
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| PAC (ASX) Chart |