Pacific Current Group rejects Roc takeover offer

• Pacific Current Group rejected an indicative takeover proposal from Roc Partners.
• The company's share price traded at $11.28 following the strategic review update.
• Management continues to evaluate a rival River Capital proposal valued at $13 per share.

Pacific Current Group (ASX:PAC) has rejected a non-binding indicative takeover proposal from Roc Partners because the bid fell below its assessment of fair value.

The cash consideration proposed by Roc Partners was largely funded by Pacific Current's own assets and would have created unequal economic outcomes for shareholders depending on their ability to participate in the scrip rollover.

The board noted that while it remains open to revised offers that provide fair cash value to all shareholders, Roc Partners has not submitted an updated proposal.

Pacific Current continues to evaluate an alternative proposal from River Capital involving the issuance of new shares valued at $13 per Pacific Current share.

Following the announcement, the Pacific Current Group share price was up at $11.28.

The company stated that its financial adviser, Flagstaff Partners, is managing incoming expressions of interest aimed at maximising shareholder returns.

Pacific Current expects to provide a formal market update on its ongoing strategic review prior to its annual general meeting scheduled for Nov. 12.