Nov 13 (Reuters) - Pacific Current's largest shareholder, River Capital, offered A$541.5 million ($343.58 million) to take full control of the Australian asset management company, after rejecting a higher bid from GQG Partners .

River Capital lobbed its A$10.50 per-share offer on Nov. 7, Pacific said on Monday. The offer is at an 8% premium to the stock's last close on Nov. 10, but falls short of GQG's A$11 per-share proposal, which would have valued Pacific at A$567.3 million.

Pacific, which serially invests in growing asset managers locally, has been the target of a bidding war between Regal Partners and GQG, with River Capital lobbying for Regal.

The GQG proposal is unlikely to succeed without River Capital's support, said Henry Jennings, a senior analyst and portfolio manager at Marcustoday Financial Newsletter.

Jennings said neither GQG nor River Capital could succeed unless there was some sort of agreement.

Shares of New South Wales-based Pacific fell as much as 3.8% to A$9.350 by 2350 GMT, their lowest since Nov. 1.

Pacific said GQG had confirmed that it was unaware of the offer from River Capital, adding that GQG was not prepared to provide funding based on the proposed acquisition terms.

Pacific said its independent board committee was informed by River Capital that discussions between River Capital and GQG had ended.

($1 = 1.5760 Australian dollars) (Reporting by Poonam Behura in Bengaluru; Editing by Sandra Maler, Grant McCool and Subhranshu Sahu)