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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.

Join the discussion: See what HotCopper users are saying about Xref Ltd and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

XF1 by the numbers
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