Phil King’s Regal Partners has abandoned its bid for Platinum Asset Management, scuppering the chance of a sweetened takeover offer for the global equities manager founded by billionaire stockpicker Kerr Neilson.

Platinum shares fell 14.4 per cent to a record low of 90¢ on Monday after the company told investors that discussions with Regal had “ceased”. The end of negotiations removed “the uncertainty that has persisted since Platinum rejected Regal’s initial proposal,” the company said.