Clune, Adams pull out of potential bid for Argentex

(Sharecast News) - Argentex said in an update on Thursday that Terry Clune and Harry Adams had confirmed they did not intend to make an offer for the company, following a prior announcement on 23 April. The AIM-traded firm said the statement, made under the Takeover Code, meant both individuals and any parties acting in concert with them were now subject to the restrictions of Rule 2.8.

However, it said they reserved the right to set aside the restrictions under certain conditions, including with Argentex board approval if the current recommended offer by IFX UK lapses or was withdrawn, or if a third party announced a firm intention to make an offer.

The restrictions could also be lifted in the event of a Rule 9 waiver proposal, a reverse takeover, or a material change in circumstances as determined by the Takeover Panel.

At 1417 BST, shares in Argentex were up 5.74% at 2.58p.

Reporting by Josh White for Sharecast.com.