Close the Loop Limited (ASX:CLG) Updates on Adamantem Discussions
Ongoing Negotiations with Adamantem
Close the Loop Limited (ASX:CLG) continues discussions with Adamantem Capital regarding an acquisition proposal. Adamantem’s proposal involves acquiring all shares of Close the Loop for $0.27 per share through a scheme of arrangement. The Exclusivity Period, initially set to allow Adamantem to undertake due diligence, has now concluded as of 20 January 2025.
Current Position
As per earlier announcements, Close the Loop has extended the Exclusivity Period to facilitate ongoing negotiations. However, as of the latest update, binding transaction documentation has not been executed. Consequently, there is no certainty that a binding agreement will materialise, and shareholders do not need to take any immediate action regarding the Indicative Proposal.
Future Communication
Close the Loop will maintain its commitment to transparency, advising the market on developments in accordance with its continuous disclosure obligations. The Independent Board Committee has approved this announcement for market release.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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