Pacific Current, the ASX-listed owner of boutique fund managers, has confirmed that GQG Partners bid $11 per share for the company – but that its major shareholder, River Capital, did not support a transaction.

Pacific Current had been the subject of an initial bid by Regal Partners and River Capital lobbed in late July, valuing the funds’ management firm  around $555 million. That was swiftly followed by a statement from ASX-listed global fund manager GQG Partners – in which Pacific Current is a shareholder – that it intended to lob its own bid.