EL7.AI
Mergers & AcquisitionsMediumUpdated×2•Originally published 7 September 2026•Updated 8 September 2026•
2 min read

Pacific Current Rejects Roc Partners Proposal as Strategic Review Continues

Key Facts

1Pacific Current rejected a conditional, non-binding takeover proposal received from Roc Partners in May 2026.
2The company said the cash consideration did not meet its fair-value assessment and the structure would have produced different economic outcomes for shareholder groups.
3Pacific Current continues to assess the River Capital proposal announced on August 27, 2026 at an implied value of A$13.00 per Pacific Current share.
4Pacific Current expects to update the market by its annual general meeting on November 12, 2026, with no assurance that a transaction will proceed.

Pacific Current Group, listed on the Australian Securities Exchange under ticker PAC, disclosed on September 7, 2026 that it had rejected a takeover proposal received from Roc Partners in May 2026. It described the proposal as confidential, non-binding, conditional and indicative.

The preliminary proposal relied heavily on Pacific Current's cash. It combined cash consideration with a scrip-rollover arrangement that would have produced different economic outcomes for different shareholder groups.

Pacific Current said the cash consideration did not meet its fair-value assessment, particularly because it relied heavily on the company's assets. Economically, funding an offer with the target's cash means part of the consideration depends on value shareholders already own, while a scrip rollover converts part of the consideration into ownership of the post-transaction entity.

Pacific Current promptly told Roc Partners that it would not proceed and reiterated its position before the disclosure. It invited Roc to submit a revised proposal providing fair cash consideration to all shareholders and had received no amended proposal as of September 7, 2026.

The relationship matters because Pacific Current lists Roc among its portfolio of specialist investment managers. Roc's official profile describes it as a Sydney-based private-equity manager founded in 1996 and focused on Asia-Pacific investment solutions.

Meanwhile, Pacific Current continues to assess the River Capital proposal announced on August 27, 2026. That alternative contemplates issuing Pacific Current shares to acquire River Capital at an implied value of A$13.00 for each Pacific Current share.

The company remains open to bona fide expressions of interest that could enhance shareholder value, with Flagstaff Partners acting as financial adviser on the review. Pacific Current expects to update the market by its annual general meeting on November 12, 2026, while cautioning that no transaction is assured.