Regal Partners’ Brendan O’Connor added some spice to the Macquarie conference this week when he declared rival Platinum’s funds under management was “a falling knife or a melting ice cube”.
It wasn’t just the CEO’s floral language that caught our eye but also the apparently extreme selectiveness of his memory. He was explaining Regal’s failed attempt to acquire Platinum last September for $610 million or $1.10 per share. The deal would have transformed Regal into nearly $30 billion fund management empire. After a couple of months of negotiations, Platinum rejected the offer as too cheap.
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