PM Capital Global Opportunities Fund (ASX:PGF) said it was "surprised" by the conclusion of the boards of Platinum Capital (ASX:PMC) and Platinum Asia Investments (ASX:PAI) that the terms of PM Capital's non-binding, indicative proposals to acquire 100% stakes in the firms were not considered superior to certain existing schemes, according to a Tuesday Australian bourse filing.

The firm added that it remains open to re-engaging with the firms' boards at a future date should it be "appropriate" to do so.

It said it continued to believe that its non-binding, indicative proposals offer the firms' shareholders better financial outcomes than the existing schemes with Platinum Investment Management as the responsible entity of Platinum International Fund and Platinum Asia Fund.

PM Capital said that it had had very limited engagement with the boards of the firm over the around six weeks since it proposed the acquisitions, and that it was not clear from its limited engagement with their boards on the rationale that led them to conclude that its proposals are not considered superior to the existing Platinum Investment Management schemes.

It noted that under its proposals, the firms' shareholders would not have incurred any transaction costs as they currently are under the Platinum Investment Management schemes.