News: RPL UPDATE 1-Australia's Pacific Current gets $343.6 mln rival bid from River Capital

(Adds details on takeover offer in paragraphs 2-6)

Nov 13 (Reuters) - Australia's Pacific Current (PAC) on Monday said it had received an offer from its biggest shareholder, River Capital, to acquire 100% shares in the company for A$541.5 million ($343.58 million).

River Capital, which holds about 17.6% in Pacific, has opposed a A$567.3 million buyout offer from global fund manager GQG Partners GQPIL.PK .

Pacific, which serially invests in growing asset managers locally, was the target of a bidding war between Regal Partners (RPL) and GQG, with River Capital lobbying for Regal.

River Capital's A$10.50 per share bid for Pacific, which was made on Nov. 7, represents a premium of 8% to Pacific's last closing of A$9.72 on Nov. 10, but falls short of GQG's offer of A$11.

Pacific Current said GQG confirmed that it was not aware of the proposed takeover offer from River Capital, adding GQG was also not prepared to provide funding based on the proposed acquisition terms.

Pacific said its independent board committee (IBC) was informed by River Capital that discussions between River Capital and GQG have ceased.

($1 = 1.5760 Australian dollars)