Australia’s Platinum Asset Management Rejects Regal Partners’ $420 Million Takeover Bid, Reports Reuters

Australia’s Platinum Asset Management has turned down a non-binding takeover proposal from Regal Partners, which valued the fund manager at approximately A$616.5 million ($420.76 million).

The bid, which was made public on September 17, proposed that Platinum shareholders receive 0.274 shares of Regal, along with a fully franked special dividend of A$0.20 per share, drawn from Platinum’s cash reserves.

This offer had an implied value of A$1.10 per share for Platinum, indicating an 11.1% premium over Platinum’s closing price from September 16.

While Platinum has declined the current proposal, the company has stated that it is open to considering options from Regal or other potential buyers. However, they made it clear that any future proposal should adequately reflect the firm’s value and growth prospects.