News: RPL UPDATE 1-Australia's Regal Partners withdraws buyout offer for Pacific Current Group

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Sept 28 (Reuters) - Australia's Regal Partners (RPL) said on Thursday it had formally withdrawn its A$573.5 million ($364.34 million) non-binding proposal to acquire asset manager Pacific Current Group (PAC) .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)