Pacific Current Group (ASX:PAC) began a strategic review to explore options to optimize value for all shareholders, and its board decided to suspend the on-market buy-back of the firm's ordinary shares with immediate effect, according to a Thursday Australian bourse filing.

The review will consider potential options including progressing the non-binding indicative proposal from River Capital, proposing that Pacific Current acquire River Capital, the sale of Pacific Current, and delisting Pacific Current from the ASX and undertaking an orderly realization of holdings.

Under River Capital's proposal, Pacific Current would acquire River Capital for around AU$80 million. River Capital proposed a consideration of around 6.3 million Pacific Current shares.

Funds managed by River Capital currently hold around 10 million Pacific Current shares. River Capital proposed that the funds sell down these shares via a managed bookbuild at a price of at least AU$13 per share, before the completion of any acquisition of River Capital.

River Capital advised Pacific Current that principals of River Capital indicated that they plan to acquire Pacific Current shares as part of the bookbuild.

Its shares rose 4% in recent trading on Thursday.