Bloomberg reports that Sydney-based funds manager Platinum Asset Management has refused a takeover proposal from hedge fund Regal Partners Ltd.

• bid undervalued company at $359m offering from Regal
• Platinum's board unanimously concluded that the proposed deal was “not in the best interest of Platinum shareholders,” at least “in its current form.”
• Platinum has struggled with outflows and shrinking profits
• Takeover bid is attempt to accelerate Regal's growth, which has already seen a meteoric rise: in just two years from AUD4.7bn to almost AUD17bn in assets.