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.
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The Financial Services Conduct Authority has begun an insider trading investigation that will “cover disclosures and transactions in Huge Group securities during January 2021”, it said on Thursday.
Huge Group has set out in detail why it wants to buy fellow JSE-listed technology company Adapt IT in an all-share deal valued at R795-million.
Software services group Adapt IT will return to its strategy of acquisitive growth in its next financial year after it addressed investor concerns about the debt load on its balance sheet.
Adapt IT, the software services company that’s the subject of a takeover bid by Huge Group, has delivered a solid set of interim results for the six months to end-December 2020.
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 the offer price is fair.