In a listing on the ASX on Thursday, Platinum said that after reviewing the offer, its board had “unanimously concluded that the current terms of the Regal proposal undervalued Platinum”.
As a result, he said, the proposal is not in the best interests of Platinum’s shareholders.
The fund manager’s board of directors arrived at this conclusion after considering factors such as the standalone value of Platinum in the context of a possible change of control, its current turnaround strategy and growth plans, the value and the impact of Regal’s proposed equity consideration and the conditional nature of the offer. , which would require due diligence, a board recommendation and various approvals, he said.
“The Board remains open to considering proposals for control of Platinum from Regal or other third parties, but will only advance such proposals if they are made on terms that provide and recognize appropriate value for Platinum’s shareholders,” Platinum said.
Regal has held a 5.5% stake in Platinum since 2022, which it acquired through a number of smaller acquisitions over a period of a few months.
Its bid to acquire the Platinum shares it does not yet own has sparked renewed attention for the troubled asset manager, with Wilson Asset Management appearing last week to hint at a possible bid.
“It’s an interesting game and we’re evaluating it,” he said. “We didn’t say we were going to bid, we didn’t announce a bid, we didn’t say we weren’t going to bid. But for me, it’s an interesting piece.
