Platinum Investment Management (ASX:PTM) said its independent expert backed its August conclusion that the company's proposed merger with First Maven is fair and reasonable, in the absence of a superior proposal, according to a Friday filing with the Australian bourse.

The expert report, prepared by Grant Thornton Corporate Finance, said it did not need to update its previous assessment and opinion in relation to the merger, the filing said.

The company's board continues to recommend that shareholders vote in favor of the scheme in the absence of a superior proposal, the filing added.