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Close the Loop (ASX:CLG), a e-waste recycling firm with an international footprint, has allowed Adamantem Capital more time to suss its books out.
Shareholders appear to like the move: The stock was up 7% heading into lunchtime trades.
That could make sense.
Adamantem, for its part, wants to buy out CLG for 27cps for $143M – a premium to where it was trading when that offer was made, at 17cps. (It’s since jumped to 23cps.)
At 17cps the company boasted a market cap of $90M.
Still, Adamantem has been in the due diligence stage for a while now. And now DD has been extended again despite being called “materially complete” – but this doesn’t necessarily mean anything either here or there.
However, CLG did say on Wednesday that it’s given Adamantem until 20 January 2025 to complete DD and that if it doesn’t decide by then, the deal’s off the table – the firm won’t get another chance.
CLG last traded at 23cps tooday.
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