Apex predator Regal Partners is teaming up with River Capital to make a bid for ASX-listed investment house Pacific Current Group, sources told Street Talk.
Regal is a 12 per cent shareholder on PAC’s register alongside Melbourne-headquartered asset manager River Capital, which as PAC’s largest investor sits on a 19 per cent stake. The non-binding, indicative offer implies a value of $10.77 a share, a 42 per cent premium to Wednesday’s close of $7.80 valuing PAC at $586 million.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
