DeClout has rapidly increased its stake in Procurri in recent weeks to reject a 36.5 cents per share partial offer by investment firm Novo Tellus announced on March 15.

DeClout is the former controlling shareholder of Procurri. On April 14, Procurri announced it received a letter from DeClout stating its intention to vote against Novo Tellus’ partial offer.

Based on three separate filings on March 29, April 2 and April 6, DeClout bought around 19.2 million shares at prices ranging between 34.49 cents and 36.5 cents. Most recently on April 13, DeClout bought another tranche of nearly 1.52 million shares at 36.46 cents each, giving it a total stake of nearly 62.4 million shares, or 21.2%.

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