Hedge Fund Regal Partners, Platinum Asset End Takeover Talks

Australian hedge fund Regal Partners Ltd. has ended takeover talks with Platinum Asset Management Ltd. after almost two months of due diligence failed to lead to an improved offer.

Discussions over the unsolicited A$526 million ($336 million) bid have been called off by both sides, “removing the uncertainty that has persisted since Platinum rejected Regal’s initial proposal,” Platinum said in a statement Monday.

Sydney-based Platinum unanimously rejected an earlier offer in September as too low, but said it was open to other bids. It agreed to non-exclusive diligence on Oct. 4, while cautioning there was no guarantee that a ...