Back in 2023, asset manager Pacific Current (PAC AU) fielded Offers from Regal and GQG, neither of which gained traction.
River Capital, which initially teamed up with Regal, steadily mopped up shares, and currently holds ~43%. Late-August, River and PAC announced a backdoor merger via new shares at A$13/share.
ROC Capital pitched an Offer for PAC back in May. Apparently River sat in on negotiations. Roc reckons River used those discussions to its advantage. PAC sees it otherwise.
Pacific Current (PAC AU) is illiquid - look away now if this is not your thing.
The Trade:
If illiquid eventy stocks are your thing, I’d be getting some exposure in PAC here. But not aggressively.
A full offer cannot be ruled out.
PAC’s FY26 NAV is A$16.18/share.