The Warehouse Group has announced that it will not be progressing talks with Adamantem Capital Management about its proposal to acquire all of the company's shares.
The proposal, which had a price range of $1.50 to $1.70 per share, did not have the necessary shareholder backing to proceed.
A key shareholder expressed non-support for the current terms, making it impossible to achieve the required 75% approval from shareholders in each interest class.
The Warehouse Group's chair, Dame Joan Withers, said the board has decided to defer further talks until the proposal receives wider shareholder support.
The company remains open to continuing discussions if a new proposal generates sufficient shareholder support.
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