Pacific Current Group (ASX:PAC)
has terminated discussions in relation to an unsolicited, non-binding and indicative proposal to acquire 100% of Pacific Current for A$7.425 per share with an unnamed US asset management firm.
The Board says it permitted due diligence to be undertaken as it believed it was in shareholders’ best interest to enable the interested party to refine its views on value.
It also could not recommend the proposal because it believed the offer was not sufficiently attractive and was unlikely to have the support of the company's shareholders.
Shares in Pacific Current Group (ASX:PAC)
are trading 1.2 per cent higher at $6.86.