A rival below-market proposal for Hunter Hall International has emerged from Pinnacle Investment Management, as the fate of listed investment company Hunter Hall Global Value remains undecided.

Pinnacle is offering $1.50-a-share cash to Hunter Hall International investors, which is higher than Washington H. Soul Pattinson's $1-a-share offer, but still below the market value of the $900 million-plus ethical funds management empire. Hunter Hall International shares closed at $2.36 on Monday; Pinnacle's offer rises to $2 a share if it gets more than 50 per cent of the register.