(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: RPL UPDATE 1-Australia's Pacific Current receives $388 mln buyout offer form Regal Partners
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Last
$3.55 |
Change
0.070(2.01%) |
Mkt cap ! $1.200B | |||
| Open | High | Low | Value | Volume |
| $3.48 | $3.55 | $3.47 | $555.6K | 159.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 9713 | $3.47 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.55 | 743 | 1 |
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