Pacific Current Group Limited (PAC.AX)
- Reuters
UPDATE 2-Australia's Pacific Current ends buyout talks with GQG Partners and River Capital
Australia's Pacific Current Group has ended buyout talks with GQG Partners and River Capital, saying it did not receive any binding offers from the suitors. Shares of asset management company Pacific fell as much as 11.8% on Thursday to A$7.95, their lowest since July 26, while those of GQG declined 2.1% to A$1.385. GQG had offered A$567.3 million ($369.20 million) earlier this month to buy the asset management company, but failed to receive support from Pacific's largest shareholder, River Capital.
- Reuters
UPDATE 2-Australia's Pacific Current gets $359 mln takeover offer from money manager GQG
Australia's Pacific Current disclosed on Wednesday a A$567.3 million ($359.04 million) takeover bid from GQG Partners, but said the global fund manager flagged lack of support from its largest shareholder. Pacific, which serially invests in growing asset managers locally, was recently the target of a bidding war between Regal Partners and GQG, with top stakeholder River Capital lobbying for Regal. GQG has till date been unable to obtain support from River Capital, which owns around 19% stake in Pacific.
- Simply Wall St.
Pacific Current Group Limited (ASX:PAC) is definitely on the radar of institutional investors who own 44% of the company
Key Insights Given the large stake in the stock by institutions, Pacific Current Group's stock price might be...
