Regal Partners (ASX:RPL) walked away from a takeover for Platinum Investment Management (ASX:PTM) due to concerns around outflows from the firm's funds under management, Regal's chief executive, Brendan O'Connor, said at the Macquarie Australia conference, The Australian reported Tuesday.
They were seeking "too high a price for the business," O'Connor said.
Platinum's funds under management fell to AU$9.6 billion by the end of April, from AU$10.3 billion at the start of the same month.
Regal Partners made an offer equivalent to AU$1.10 per share for Platinum in September 2024, which was rejected by Platinum. Talks between the two firms ended in December 2024.
Platinum is currently pursuing merger talks with peer L1 Capital, and both parties are in the middle of their due diligence.
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