Close the Loop (ASX:CLG) received a conditional acquisition proposal from investment manager Adamantem Capital, according to a Tuesday filing with the Australian bourse.

As per the proposal, Adamantem Capital plans to acquire all of the company's shares at AU$0.27 apiece via a scheme of arrangement, the filing said.

The offer represents a 49% premium to the company's 30-day volume-weighted average price on Nov. 15.

The companies entered into a process deed that set out exclusivity arrangements.

Close the Loop's shares surged almost 20% in recent Tuesday trade.

Price (AUD): $0.25, Change: $+0.04, Percent Change: +19.51%