Sandile Mchunu

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Jan 29 2021

Adapt IT shares show big gain on Huge Group’s acquisition offer

by Sandile Mchunu
Adapt IT’s share price rose more than 12 percent on the JSE after the Huge Group made an unsolicited general offer to acquire all of the issued share capital of the specialised software and digitally-led business solutions company. Huge Group is offering to purchase all of the issued Adapt IT shares at 552 cents a share, valuing the company at R795 million, and the group said the offer represented a 33 percent premium on its 30-day weighted average traded price on January 26. Adapt IT said the offer consideration from Huge is a swop ratio of 0.9 of a Huge share for every one Adapt IT share tendered. "The swop ratio is based on a reference price of 613c per Huge share and an implied price of 552c per Adapt IT share," Adapt IT said. Adapt IT’s share price leapt by more than 12 percent yesterday morning to a day high of R5.21, up from Wednesday’s closing price of R4.01. However, the share price was still down by 72 percent compared to its high of R16.50 achieved in October 2016. Adapt...Read More
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