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Adapt IT names board committee to assess Huge Group bid
Adapt IT has formed an independent board committee to assess Huge Group’s unsolicited bid to buy the software company in an all-share deal valuing it at R795-million.
Huge Group made the unexpected “general offer” to Adapt IT shareholders last week. Adapt IT has now, as required under South African takeover rules, constituted the independent board of directors, which is made up of Craig Chambers, Oliver Fortuin, Zizipho Nyanga and Catherine Koffman the full complement of the company’s non-executive directorship.
This board will advise shareholders on the Huge Group offer as required under the takeover regulations. It will also appoint an independent expert to issue a report on the offer and to express an opinion on whether the terms and conditions are fair and reasonable to Adapt IT shareholders.