Platinum Investment Management (ASX:PTM) rejected Regal Partners' (ASX:RPL) unsolicited acquisition offer of 0.274 Regal shares and a dividend of AU$0.20 per Platinum share, according to a Thursday filing with the Australian bourse.
The board unanimously found that the terms of the proposal undervalued the company and were not in the best interest of shareholders.
Platinum's board is open to control proposals from Regal and other third parties but will only progress them if that are on terms that deliver and recognize appropriate value for Platinum shareholders, the filing stated.
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