(Bloomberg) -- Philip King’s Regal Partners Ltd. offered to buy rival Platinum Asset Management Ltd. as the hedge fund presses on with an expansion push...
-- Philip King’s Regal Partners Ltd. offered to buy rival Platinum Asset Management Ltd. as the hedge fund presses on with an expansion push that’s seen assets more than triple in just two years.Sydney-based Platinum received an unsolicited and non-binding proposal from Regal to acquire all of its shares via a scheme of arrangement, the company said in a statement Tuesday. Regal also confirmed the bid in an exchange filing.
Platinum shares surged as much as 16.2% on Tuesday after the offer, and is trading at A$1.12 as at 11:03 a.m. in Sydney. This trims the stock’s losses this year to about 15%. Regal shares are up 1.5% higher. “The structure of the deal might deter management and shareholders as the cash portion is funded by Platinum,” said Jamie Hannah, Sydney-based deputy head of investments and capital markets at Van Eck Associates Corp. Platinum shareholders “might feel like the offer is opportunistic based on the low share price” though the price is also a reflection of the asset flows, he said.
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