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Canada-based Volaris makes audacious bid for AdaptIT controlling stake

Adapt IT said yesterday it had entered in an agreement with Volaris to make an offer to acquire up to 100 percent of Adapt IT for a cash consideration of R6.50 per Adapt IT share. Picture: Ian Landsberg/African News Agency(ANA) Canada-based Volaris makes audacious bid for AdaptIT controlling stake By Edward West Share CAPE TOWN - Adapt IT said yesterday it had entered in an agreement with Volaris to make an offer to acquire up to 100 percent of Adapt IT for a cash consideration of R6.50 per Adapt IT share. The consideration represented a premium of 56.9 percent to the 30-day volume weighted average traded price of Adapt IT shares of R4.14, as at January 26, 2021, being the last trading date prior to the date on which an unsolicited general offer by Huge Group to Adapt IT shareholders was announced.

Canadian software group bids for Adapt IT

Apr 8, 2021 Canadian software group, Volaris, has entered the Adapt IT fray making an offer to acquire more than 50% of the issued ordinary shares of Adapt IT for a cash consideration of 650 cents per share. The cash consideration represents a premium of 56,9% to the 30-day volume weighted average traded price of Adapt IT shares on the JSE of 414 cents, as at 26 January 2021, being the last trading date prior to the date on which the general offer by Huge Group Limited (“Huge Group”) to Adapt IT shareholders was announced. The offer will be made by Volaris Group Inc or its wholly-owned subsidiary (“Volaris”), a Canadian software company. Volaris is a subsidiary of Toronto listed Constellation Software Inc. (TSX:CSU).

Canadian software company up against Huge Group in bid for SA-based Adapt IT

Canadian software company up against Huge Group in bid for SA-based Adapt IT
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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

Huge Group rubbishes market manipulation claim

Huge Group rubbishes market manipulation claim Huge Group’s James Herbst Huge Group CEO James Herbst on Tuesday rubbished a claim that the company used its share buyback programme to manipulate its share price higher ahead of its bid to acquire fellow JSE-listed firm, software services group Adapt IT. News24 reported late on Monday that Huge Group is being probed by the Financial Sector Conduct Authority (FSCA) after a shareholder lodged a complaint against it at the regulatory body. According to the report, the complaint was filed by Kerem Aksoy, the managing member of a US-based investment advisory firm called Glacier Pass Management.

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