Australia's Platinum Asset soars on receipt of takeover bid

Regal Partners

17/09/2024 01:25

** Shares of Platinum Asset Management  PTM.AX  soar as much
as 16.2% to A$1.15, set for their best day since early March -
if current trend holds; shares currently up 15.2% as of 0020 GMT
    ** The fund manager says it has received a non-binding,
indicative proposal from Regal Partners  RPL.AX  
    ** Under deal, co's shareholders will get 0.274 Regal shares
for each Platinum share held
    ** Co says it is still considering the merits of the
proposal; asks shareholders to take no action at this point 
    ** Shares hit highest since early April; set to rise for the
sixth straight day 
    ** Including day's moves, stock has fallen ~15% this year

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))