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Huge Group dramatically ups the ante in pursuit of Adapt IT
Huge Group, it
seems, doesn’t give up without a fight. The telecommunications specialist has dramatically increased its all-share offer for Adapt IT, the JSE-listed software services group also being pursued by Canada’s Volaris Group.
Huge has increased its offer to buy out Adapt IT shareholders from R5.52/share to R9.09/share – that’s a 65% increase in the offer price. Previously, the swap ratio was 0.9 Huge shares for each Adapt IT share tenders; that’s now increased to 1.37 Huge shares.
The new R9.09 offer price is at the very top end of the valuation attached to Adapt IT by independent expert Nodus Capital, which was appointed by the Adapt IT independent board to determine a fair value for the business.
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