Australia's Close the Loop jumps most in more than 2 years on takeover offer

Close The Loop

19/11/2024 24:51

** Shares of Close the Loop  CLG.AX  rise as much as 24.4%
to A$0.255, logging their biggest intraday pct gain since early
June 2022
    ** Stock hits highest level since Aug. 26
    ** Environmental services provider receives non-binding
indicative proposal from private investment manager Adamantem
Capital
    ** Cash deal valued at A$143.6 mln ($93.31 mln); offer price
of A$0.27 per share is at a ~45.5% premium to stock's last close
    ** More than 2 mln shares change hands vs the 30-day avg
volume of 912,000 shares
    ** YTD, Close the Loop down 35.5%, as of 0040 GMT

($1 = 1.5389 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))