Australia’s Pacific Current receives $388 million buyout offer from Regal Partners

(Reuters) – Australia’s Pacific Current Group received a non-binding buyout proposal from Regal Partners Ltd, 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, 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)

(This story has been refiled to fix a spelling error in the headline)

(Reporting by Nausheen Thusoo in Bengaluru; Editing by Varun H K and Subhranshu Sahu)