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.
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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.
Huge Group has launched a takeover bid for fellow JSE-listed technology company Adapt IT. The all-share bid, at an offer price of R5.52/share, does not enjoy the explicit support of Adapt IT’s board.
Software services group Adapt IT on Monday published full-year financial results to 30 June 2020 that showed remarkable resilience in the face of the Covid-19 pandemic and lockdown.
Shares in Adapt IT, a software group listed on the JSE, have leapt by 165.5% in the past fortnight, demonstrating there are still ways for investors to profit from the local market, even in a depressed economic environment.
JSE-listed software services company Adapt IT saw a massive jump in its share price on Wednesday after it issued a surprisingly upbeat trading statement.