Shares are set to open higher; oil in focus amid geopolitical tensions in the Middle East; Wall Street shrugs off better than expected US jobs figures. Follow here for more.
As the deadline for binding bids for Pacific Current Group draws closer, one question has risen to the surface: does a PAC-GQG tie-up still make sense financially? When Florida-based GQG Partners first lobbed a bid for the boutique fund manager backer in late July, countering Regal Partner’s $586 million offer, its shares were trading around $1.65.
Now, GQG is trading at 1.36, down 17.6 per cent. Strategically, nothing has changed about PAC and GQG boss Tim Carver has been out talking up a deal’s strategic merits. But, the deal is a lot more expensive for GQG as it would have to issue more scrip to pay for PAC, either by issuing more GQG shares to PAC investors or selling more shares to come up with the cash. Read more here.
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