Close the Loop (ASX:CLG) concluded its exclusivity period with investment manager Adamantem Capital, regarding Adamantem's acquisition proposal to acquire all of the company's shares at AU$0.27 apiece via a scheme of arrangement, according to a Tuesday filing with the Australian bourse.
While discussions and due diligence are ongoing between the parties, no binding agreement has been reached, the filing said.
The company confirmed there is no certainty of a transaction, and shareholders are advised no action is needed at this stage, the filing added.
The recycling company's shares tumbled almost 15% in recent Tuesday trade.
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