Volaris Group makes all-cash bid for Adapt IT

Adapt IT’s head office in Midrand, Johannesburg
Huge Group’s effort to acquire Adapt IT appears to be dead in the water. This is after Canada’s Volaris Group offered shareholders R6.50/share in cash on Wednesday for the JSE-listed software services group.
Whereas Huge’s bid is seen as hostile by Adapt IT management, the Volaris deal looks altogether friendlier.
Adapt IT said Volaris has offered to buy 100% of Adapt IT. However, as part of the scheme, Adapt IT shareholders are entitled to elect to retain all or part of their shares in the to-be-delisted firm.
Adapt IT shareholders collectively holding 21.6% have already furnished irrevocable undertakings in support of the deal

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