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Already closing down 25% on Monday, Xref Ltd (ASX:XF1) has sunk another 23% to 12cps out the gate on Tuesday, according to Cboe live pricing, after shareholders rejected Seek’s (ASX:SEK) final takeover offer.
Xref is a human resources candidate selection technology provider, making its operational interest to job ad platforms Seek obvious.
It appears some could have gotten out early on Monday ahead of a meeting confirming or rejecting the takeover offer when it began to look like shareholder approvals weren’t going to cross the line.
Xref needed 75% of shareholders to agree to Seek’s deal – Seek says its final offer was the best they were going to get – but it didn’t get enough votes to cross the line.
After the meeting, the company confirmed only 67.6% agreed.
Seek and Xref have now walked away from the idea altogether, with Xref shares the worse off. Seek also dropped on Tuesday, but only by -0.74% to $22.90/sh.
As for where Xref goes from here is anybody’s guess – but the company has now cratered its (thinly traded) share price.
One-year returns have been reduced to just shy of +4%.
XF1 last traded at 12cps.
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