The share price of Adapt IT jumped by more than 18% in intraday trading on Monday following Huge Group’s unexpected decision on Friday to dramatically up its offer to buy the JSE-listed software services group.
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An independent expert appointed by Adapt IT has recommended that shareholders reject the unsolicited all-share offer by Huge Group, saying it undervalues the software services group.
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.
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.