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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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Dublin-based hedge fund builds stake in Adapt IT
Adapt IT’s head office in Midrand, Johannesburg
Who is buying JSE-listed Adapt IT shares at or above the R6.50/share offer price tabled earlier this month by Canada’s Volaris Group? A disclosure by Adapt IT to investors on Friday may have shed some light on this question.
Blacksheep Master Fund, controlled by Dublin, Ireland-based hedge fund manager Blacksheep Fund Management, has in recent weeks acquired almost 10 million Adapt IT shares, or 7.2% of the number of securities in issue, excluding shares held in the company’s treasury (6.28% including the treasury shares).
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Midrand
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