Shares of Pacific Current Group (ASX:PAC) jump as much as 36.5% to A$10.650, posting their biggest intraday pct gain since Aug. 23, 2001.

Multi-boutique asset management firm said after market hours on Wednesday that it had received a non-binding buyout proposal from Regal Partners (ASX:RPL), valuing it at A$573.5 mln ($388.09 mln).

Under proposal, PAC shareholders to get A$7.50 per share in cash and 2.2 shares of GQG Partners (ASX:GQG), which Regal manages, taking the total consideration to an implied value of A$11.12 per share - a 42.6% premium to last close on July 26.

GQG partner says it intends to submit a non-binding indicative proposal to acquire all shares in PAC.

PAC shares hit their highest level since June 17, 2015 and on track for a third consecutive session of gains.

PAC stock up 6.6% YTD, as of last close.

RPL shares rise as much as 4.7% on Thursday, while GQG shares fall up to 3.6%.

PAC among top gainers on the ASX All Ordinaries Index.