The board of PM Capital Asian Opportunities Fund Ltd. advised shareholders to accept the conditional off-market buyout-offer of WAM Capital Ltd.

The company said the prospect of a superior bid from a third party is unlikely, according to a Dec. 22 release.

The move came after another bid from PM Capital Global Opportunities Fund Ltd. was not passed by the requisite majority of PM Capital Asian shareholders. PM Capital Global resolved to not pursue an alternative approach to buying additional shares in PM Capital Asian.

In recommending the WAM Capital offer to shareholders, the directors of PM Capital Asian considered the offer of 1 WAM share for every 1.99 PM Capital Asian shares. The offer represents an implied value of A$1.113 per targeted share based on WAM Capital's share price as of Dec. 21.

The WAM Capital offer has been assessed as fair and reasonable in the absence of a superior proposal, the company said.

The offer is scheduled to close on Jan. 14, 2022.