Mudiwa Gavaza

Recent Posts

Aug 02 2021

Huge Group takes up disappointing 2% of Adapt IT

by Mudiwa Gavaza
End of share-swap leaves 29% of Adapt IT investors still on the fence over Volaris offer...Read More
Apr 21 2021

Adapt IT tells shareholders not to feel pressured over buyout decisions

by Mudiwa Gavaza
The Huge Group is setting a premature deadline regarding its offer, company says Adapt IT has warned shareholders not to be pressured into making a decision regarding an unsolicited buyout offer by technology company Huge Group. Earlier this year, Huge made an R800m takeover bid for its peer Adapt IT, which provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors. Adapt IT is also reviewing an offer from Canadian-based Volaris. On Wednesday, Adapt IT, headed by CEO Sbu Shabalala, said it has received information that some of its shareholders are being coerced to make a decision about the Huge offer by April 22. However, shareholders have until July 23 to do so. “It has come to the company’s attention that certain central securities depository participants are requesting Adapt IT shareholders [to] respond to the Huge offer by [Friday], April 22 2021, which is not the deadline for the offer,” said Adapt IT. “Adapt...Read More
Apr 07 2021

Adapt IT receives R1bn cash offer from Canadian firm

by Mudiwa Gavaza
Software company Volaris Group offers R6.50 a share in all-cash bid for SA tech group Technology group Adapt IT, which recently had a takeover bid by telecoms company Huge Group, has received an all-cash offer for its business from a Canadian software company. On Wednesday, Adapt IT said it had received an offer for 100% of its shares by Volaris Group. The company has offered R6.50 a share, which represents a premium of 56.3% to the closing price of Adapt IT's shares as at April 1. Adapt IT, which provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors, had been subject to an R800m takeover bid from Huge Group in the first quarter of this year. The new offer values Adapt IT at about R1bn, while its market cap stood at R640.4m on Wednesday. Adapt IT said the deal with Volaris would result “in a well-governed diversified SA technology company with high growth ambitions being backed by a well-capitalised leading...Read More
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