Close the Loop, Adamantem end exclusive talks on potential merger

Recycling company Close the Loop has concluded its exclusive negotiations with Adamantem on a potential merger and is now free to pursue opportunities from other potential suitors.
Last November, Close the Loop disclosed it granted Adamantem an expedited period of exclusivity to allow the latter to conduct due diligence and negotiate a binding scheme of agreement proposal to acquire the company for 27 cents per share.
The parties extended the exclusivity period to January 20, but no binding transaction documents were executed.
Close the Loop, however, clarified that only the exclusivity ended and that discussions are still ongoing, with Adamantem progressing its due diligence.
Currently, Close the Loop’s programs include cartridge recycling, battery recycling, cosmetics recycling, and soft plastics recycling.
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