Apiam Animal Health (ASX:AHX) extended the exclusivity period granted to Adamantem Capital Management for the private capital firm to acquire the company through a scheme of arrangement for AU$0.88 cash apiece, according to a Wednesday filing with the Australian bourse.

The extension by another 10 days until Oct. 21 will allow more time for talks and signing of binding transaction documentation, the filing said.

Under the conditional proposal, the cash price will be reduced to AU$0.87 per share after Apaim pays a final dividend of AU$0.01 per share.

The company's independent board committee recommended that shareholders not take action in relation to the proposal.

Shares of Apiam Animal Health rose past 8% in recent Wednesday trade and earlier hit their highest since April 2022.