Australia's Platinum Asset Management rejects Regal Partners' $420 million takeover offer

(Reuters) - Australia's Platinum Asset Management on Thursday rejected a non-binding takeover offer from Regal Partners, 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)

Source: Investing.com