Adapt IT urges shareholders not to jump the gun on Huge Group offer

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Technology company Adapt IT has cautioned shareholders against rushing to respond to Huge Group’s acquisition offer by Thursday, saying that they have been given an incorrect deadline.
"It has come to the company’s attention that certain central security depository participants are requesting Adapt IT shareholders to respond to the offer by tomorrow, 22 April 2021, which is not the deadline of the Huge offer," said Adapt IT in a statement on Wednesday.
Adapt IT’s warning comes after Huge Group’s offer to acquire the software company, opening on Monday. Huge is offering Adapt IT shareholders a swap of 0.9 of its shares for every one share they hold. The swap ratio is based on a reference price of R6.13 and an implied price of R5.52 per Adapt IT share. A second company, Volaris Group, is offering shareholders R6.50 cash for each share.

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