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Battle lines drawn in fight for Adapt IT
Huge Group CEO James Herbst
Huge Group, whose bid for Adapt IT is in grave doubt following a rival, all-cash offer from Canadian software group Volaris, has accused Adapt IT management of “looking after themselves and not their shareholders”.
This suggests battle lines are being drawn for what could be a protracted and acrimonious fight to win the support of Adapt IT shareholders.
Adapt IT CEO Sbu Shabalala has already described the Huge offer as “extremely hostile” in media interviews. On Friday, Shabalala told TechCentral that management is not “in a position to look after themselves, as suggested … (as an) independent board has been constituted … to opine on the offers from Huge Group and Volaris”. The executive management team of Adapt IT “does not serve on the independent board” and “approval of the Volaris transaction is, therefore, not a management decision”, he added.
On the BizNews Power Hour, Adapt IT founder and CEO Sbu Shabalala elaborates on what has been a blockbuster start to the year for the JSE-listed software business. First, James Herbst led the Huge Group made a scrip offer to buyout minorities at R5.52, however the company is yet to issue a circular to shareholders outlining further details. Earlier this week, Adapt IT released an announcement outlining that Canadian software group Volaris has made an all-cash offer at R6.50 to buyout at least 50% of shareholders. All possible transactions are subject to shareholder approval and it’ll be interesting to see what comes of this in the coming months. – Justin Rowe-Roberts
Supplied
The past three months of excitement around technology company Adapt IT is coming to a head as a Canadian software group company swoops in with a new offer, but for telecoms company Huge Group - which was the first to make a play for Adapt IT - the fight is far from over.
By the time the market closed on Thursday, the company s shares had surged by more than 37%, a high it had enjoyed for most of the day, following the news about Canada s Volaris Group putting its hand up to acquire it.
On Wednesday, Adapt IT announced that a Canadian company, the Volaris Group, had made an offer to acquire 100% of it at R6.50 per share, which is a 56.3% premium to the local software company s average 30-day share price.
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