Regal tipped to prevail in play for Platinum amid Challenger meeting murmurs
Phil King's Regal is still being viewed as the most logical acquirer of 'basketcase' fund manager Platinum, despite a formal rejection of its offer, and the interest of rivals.
ASX-listed investment management firm Challenger has left the door ajar to a possible play for Platinum Asset Management, but a prominent analyst covering the situation has downplayed the chances of it entering the fray and anointed Regal Partners as the most likely and logical acquirer.
Storied fund manager Platinum on Thursday formally rejected Regal's all-scrip acquisition approach, which was worth about $600 million at the time it was made, but made it clear it was open to offers from the Sydney hedge fund or other buyers at a higher price.
In doing so, it sparked a fresh round of speculation about who may be interested in the global equities funds management business, which was founded by billionaire Kerr Neilson.
Capital Brief revealed earlier this month that prominent fund manager Geoff Wilson was examining a potential play for Platinum, and that Challenger CEO Nick Hamilton had met with Platinum’s CFO and bankers in 2023, but the talks amounted to nothing.
