Australia's Platinum Asset Management rejects Regal Partners' $420 mln takeover offer (updated)

Regal Partners

26/09/2024 24:23

(Updates with further details on deal from paragraph 2 onwards)
       Sept 26 (Reuters) - Australia's Platinum Asset
Management  PTM.AX  on Thursday rejected a non-binding takeover
offer from Regal Partners  RPL.AX , which valued the fund
manager at about A$616.5 million  ($420.76 million).
    The bid, announced on Sept. 17, offered Platinum
shareholders 0.274 Regal shares, and a fully franked special
dividend of A$0.20 per share to be paid from Platinum's own cash
reserves.
    The Regal proposal had an implied value of A$1.10 per
Platinum share, which represented a premium of 11.1% to
Platinum's closing price on Sept. 16.
    Despite rejecting the offer, Platinum said it remained open
to options from Regal or third parties, but emphasized that any
future proposal must reflect the company's value and growth
potential.
    
($1 = 1.4652 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Mohammed
Safi Shamsi and Alan Barona)
 ((Roshan.Thomas@thomsonreuters.com))