Platinum Asset Management (ASX:PTM) entered into a non-exclusive mutual due diligence period with Regal Partners (ASX:RPL) after rejecting Regal's non-binding indicative acquisition proposal via a scheme of arrangement last month, the companies said in separate Australian bourse filings on Friday.
Following the rejection, Regal requested Platinum to conduct due diligence to improve its takeover proposal and for Platinum to assess the costs and benefits of the takeover deal.
For its part, Regal said the talks remain "preliminary and incomplete" with no guarantee it would lead to a transaction.
Shares of Platinum Asset Management and Regal Partners each rose 2% at market close on Friday.
Price (AUD): $1.23, Change: $+0.02, Percent Change: +1.65%
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