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.
Browsing: Adapt IT
Huge Group, whose bid for Adapt IT is in grave doubt following a rival, all-cash offer from Volaris Group, has accused Adapt IT management of “looking after themselves and not their shareholders”.
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.
Huge Group CEO James Herbst on Tuesday rubbished a claim that the company used its share buyback programme to manipulate its share price higher ahead of its bid to acquire Adapt IT.
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.
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.
Telecommunications company Huge Group has secured the backing of more than three-quarters of its shareholders for its R795-million pursuit of JSE-listed software services group Adapt IT, it said on Monday.