Online adult product retailer Adultshop.com (ASX:ASC) has revealed that its managing director, Malcolm Day, has offered purchase the company.
The remaining directors have implemented protocols to ensure any potential conflicts of interest are properly managed during the negotiation process, the company said.
Day had been supporting a rival buyout bid from Sexyland, in conflict with the independent directors.
But now he is a potential buyer, he has withdrawn him support, joining the independent directors in recommending that shareholders reject the offer.
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