In an ASX listing on Thursday, Platinum said that after reviewing the offer, its board had “unanimously concluded that the current terms of Regal’s offer undervalue Platinum”.

As a result, it said the proposal was not in the best interests of Platinum shareholders.

The fund manager’s board reached its conclusion after considering factors such as Platinum’s stand-alone value upon a potential change of control, its current turnaround strategy and growth plans, the value and impact of the Regal share award offer and the conditional nature of the offer , which will require due diligence, board recommendation and various approvals, it said.

"The board remains open to considering proposals for control of Platinum from Regal or other third parties, but will advance any such proposals only if they are on terms that deliver and recognize appropriate value for Platinum shareholders," Platinum said.

Regal owns a 5.5% stake in Platinum from 2022, which it acquired through a series of smaller acquisitions over a period of several months.

Its bid to acquire the shares in Platinum it does not already own has fueled renewed attention to the troubled asset manager, with Wilson Asset Management emerging last week to hint at a possible bid.

On Friday, Jeff Wilson, chairman and chief investment officer at Wilson Asset Management, told InvestorDaily that the firm is considering Platinum as a potential acquisition.

"It's an interesting game and we appreciate it," he said. "We have not said we will bid, we have not announced a bid, we have not said we will not bid. But it's an interesting play for me.”

Capital Brief also reported that Challenger Group may be interested in the fund manager. However, in response to InvestorDaily's request for comment, Challenger said that as a listed stock, "We do not comment on market speculation."