Adapt IT CEO stands accused over violent attack in Durban home
Adapt IT CEO Sbu Shabalala
Adapt IT CEO Sbu Shabalala has been accused of hiring armed thugs to beat up his estranged wife Neo’s partner, suspended eThekwini city manager Sipho Nzuza, according to a report published on Sunday.
The Sunday Times reported (paywall) that Nzuza, who was suspended over alleged corruption in the Durban metro, was allegedly beaten up at the upmarket Zimbali residential estate near Ballito last Saturday and had to undergo emergency surgery.
The attack was reportedly so serious that Nzuza had to have his spleen and part of a kidney removed; he remains in intensive care in a Durban hospital, according to the report.
Huge Group forced to take down Adapt IT attack videos
Huge Group has taken down two videos from its website in which it implored Adapt IT shareholders to accept its offer to buy the software services group in an all-share deal.
This is after the Takeover Regulation Panel (TRP), which regulates mergers and acquisitions in South Africa, objected to the videos Huge Group published online.
“Huge has been notified by the TRP that the videos constitute ‘announcements’, in respect of which approval from the TRP ought to have been sought prior to publication. Accordingly, Huge has removed the videos from its website and retracts the statements they contain,” Huge Group said in a statement to shareholders on Thursday afternoon.
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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The past three months of excitement around technology company Adapt IT is coming to a head as a Canadian software group company swoops in with a new offer, but for telecoms company Huge Group - which was the first to make a play for Adapt IT - the fight is far from over.
By the time the market closed on Thursday, the company s shares had surged by more than 37%, a high it had enjoyed for most of the day, following the news about Canada s Volaris Group putting its hand up to acquire it.
On Wednesday, Adapt IT announced that a Canadian company, the Volaris Group, had made an offer to acquire 100% of it at R6.50 per share, which is a 56.3% premium to the local software company s average 30-day share price.
Adapt IT’s head office in Midrand, Johannesburg
Huge Group’s effort to acquire Adapt IT appears to be dead in the water. This is after Canada’s Volaris Group offered shareholders R6.50/share in cash on Wednesday for the JSE-listed software services group.
Whereas Huge’s bid is seen as hostile by Adapt IT management, the Volaris deal looks altogether friendlier.
Adapt IT said Volaris has offered to buy 100% of Adapt IT. However, as part of the scheme, Adapt IT shareholders are entitled to elect to retain all or part of their shares in the to-be-delisted firm.
Adapt IT shareholders collectively holding 21.6% have already furnished irrevocable undertakings in support of the deal