An independent board established by Adapt IT to consider Huge Group’s unsolicited attempt to buy the software services group has appointed an independent expert to advise on whether Huge’s R5.52/share offer price is fair.
Huge Group, which focuses on the telecommunications sector, surprised the market in late January with an audacious bid to buy out Adapt IT shareholders. The all-share bid, which values Adapt IT at R795-million, does not enjoy the explicit support of Adapt IT’s board.
As required by South African takeover regulations, Adapt IT has now appointed Nodus Capital TS as the independent expert to “express an opinion on whether the Huge offer consideration is fair and reasonable to Adapt IT shareholders, taking into account the value of Adapt IT’s shares”.
Once received, the independent board will consider Nodus Capital’s opinion and will then “form its own opinion as to whether or not the Huge offer is fair and reasonable”, before advising shareholders. — © 2021 NewsCentral Media