Regal Partners’ bid for rival fund manager Platinum Asset Management has been whittled down to a skinny premium after the takeover target’s shares rallied 13 per cent in response to Regal advancing its plan to build a $29 billion funds management empire.

Platinum on Tuesday confirmed a report in The Australian Financial Review’s Street Talk column that Phil King’s Regal was eyeing a bid for the 30-year-old global equities manager, after building a substantial stake back in September 2022.