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Mergers & AcquisitionsMediumUpdated•Originally published 7 September 2026•Updated 7 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 transaction structure would have treated shareholder groups differently in economic terms.
3Pacific Current continues to assess the River Capital proposal disclosed on August 27, 2026 at an implied value of A$13.00 for each 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 as PAC, said on September 7, 2026 that it had rejected a takeover proposal received from Roc Partners in May 2026. The company described the proposal as confidential, non-binding, conditional and indicative.

The preliminary proposal relied heavily on Pacific Current's cash and paired cash consideration with a scrip-rollover arrangement that would have treated shareholder groups differently in economic terms.

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

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

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

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

The company said it remains open to bona fide expressions of interest that could deliver shareholder value and that Flagstaff Partners is advising it on the review. It expects to update the market by its annual general meeting on November 12, 2026, while cautioning that no transaction is assured.