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In what appears to be conciliatory terminology, the independent board of JSE-listed technology company Adapt IT has said that while the offer of R6.50 by Canadian firm Volaris for Adapt IT is unfair, it is reasonable to Adapt IT shareholders.
This was announced in a joint circular issued on Tuesday by Adapt IT and Volaris. The circular contains details of the rationale for the offer by Volaris, the opinion and recommendation of the independent board, and the notice of the general meeting of Adapt IT shareholders.
The board had previously said that the offer from Huge, which was unsolicited and is viewed as hostile by the company, was unfair and unreasonable. However, it has engaged Nodus Capital, the independent expert appointed to report on the fairness of the Volaris and Huge offers, to provide a revised opinion on the Huge offer.
The protracted bidding war for acquisition of Adapt IT ratcheted up another notch on Friday after the Huge Group ramped up its bid to about R1.3 billion for the specialised software and digitally led business solutions company. Picture: Ian Landsberg/African News Agency(ANA)
Bidding war hots up after latest offer for Adapt IT
By Philippa Larkin
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THE PROTRACTED bidding war for acquisition of Adapt IT ratcheted up another notch on Friday after the Huge Group ramped up its bid to about R1.3 billion for the specialised software and digitally led business solutions company.
The market welcomed the move. Huge Group s shares closed 9.32 percent higher at R5.75 on Friday, while Adapt IT s shares leapt 8.64 percent to R6.79.