Platinum Asset Management responds to non-binding indicative proposal

Platinum Asset Management Limited (ASX:PTM) has rejected the unsolicited, non-binding and indicative proposal from Regal Partners Limited to acquire all of its shares via a scheme of arrangement. The proposal included an offer of 0.274 Regal shares and a fully franked special dividend of A$0.20 per Platinum share, valuing the proposal at A$1.10 per Platinum share based on the last closing price of Regal shares. The Board unanimously concluded that the current terms of the Regal Proposal undervalue Platinum and are not in the best interests of Platinum shareholders.

Platinum Asset Management's Board considerations and decision

The Board of Platinum Asset Management has carefully considered the Regal Proposal, seeking advice from financial and legal advisers. After evaluating the stand-alone inherent value of Platinum, the absolute and relative value of the Regal share consideration, and the conditional nature of the proposal, the Board unanimously decided to reject the proposal. The Board remains open to considering control proposals from Regal or other third parties, provided they deliver appropriate value for Platinum shareholders.

Platinum Asset Management's outlook and shareholder update

Platinum Asset Management (ASX:PTM) has firmly rejected the non-binding indicative proposal from Regal, citing undervaluation of the company. The Board emphasized its commitment to the best interests of Platinum shareholders and its openness to considering control proposals that recognize appropriate value for shareholders. Shareholders are advised that no action is required in response to the Regal Proposal, and the Board will continue to fulfill its continuous disclosure obligations by updating shareholders as necessary.