Platinum Asia Investments (ASX:PAI) board continues to recommend shareholders accept the scheme implementation deed with Platinum Investment Management, according to a Thursday Australian bourse filing.
The board's decision follows the receipt of a confidential, non-binding, and conditional takeover proposal from PM Capital Global Opportunities Fund (ASX:PGF), the filing said.
The board concluded that the proposal was not favorable to shareholders and recommended shareholders vote in favor of the scheme implementation deed, subject to the absence of a superior proposal and an independent expert's conclusion that it is in the best interests of shareholders, the filing said.
The meeting to vote on the scheme is scheduled in early July, the filing added.
Shares of the company fell 5% on Monday close.
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