Shares of asset management company Pacific Current (ASX:PAC) plummeted as much as 11.2% to A$9.950, marking the most significant intraday decline since September 9, 2022.

This rapid decrease punched the shares down to their lowest point since July 26.

Regal Partners (ASX:RPL), an investment management firm, formally rescinded its A$573.5 million ($365.15 million) non-binding proposal to acquire Pacific Current.

Concurrently, Regal Partners' shares saw an increase of as much as 2.7% at A$2.250.

Regal expressed consistent disappointment in the Pacific Current board’s engagement since its initial proposal in March.

However, Regal remains a substantial shareholder in Pacific Current.

As of the last close, while Pacific Current shares had risen 53% this year, Regal Partners' shares were down 36.2%.

Pacific Current (ASX:PAC) is a global financial services firm specializing in asset management.