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Huge Group, which is also a listed entity announced its pursuit of Adapt IT last Wednesday.
09:08
Image: Mario Proenca/Bloomberg
Telecommunications company Huge Group has secured the backing of more than three-quarters of its shareholders for its R795-million pursuit of JSE-listed software services group Adapt IT, it said on Monday.
Huge Group, which is also a listed entity announced its pursuit of Adapt IT last Wednesday, counts large institutional investors such as Stanlib Asset Management, Sentio Capital Management and Praesidium Capital Management among its shareholders. It said shareholders representing 79.57% of Huge shares have provided irrevocable undertakings to support the Adapt IT offer.