Adapt IT CEO Sbu Shabalala has resigned with immediate effect after agreeing to go on a leave of absence three months ago related to serious armed assault allegations against him.
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Huge Group’s efforts to acquire software services group Adapt IT appears to be all over bar the shouting. This after shareholders representing just 1.9% of Adapt IT shares accepted its offer.
Three months after being forced to take down videos from its website in which it implored Adapt IT shareholders to accept its offer to buy the software services group, Huge Group has again gone on the offensive.
Huge Group said on Thursday that it will not meet the end-June deadline to publish its annual report and financial statements after its CEO, James Herbst, contracted Covid-19.
Volaris Group, the Canadian firm pursuing JSE-listed software services group Adapt IT, has sweetened its all-cash offer to R7/share in an effort to see off a rival bid from South Africa’s Huge Group.
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.
Huge Group, it seems, doesn’t give up without a fight. The telecommunications specialist has dramatically increased its all-share offer for Adapt IT.
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.
Shares in Adapt IT plunged more than 10% on Monday morning after claims were published at the weekend that CEO Sbu Shabalala hired armed thugs to beat up the partner of his estranged wife, Neo.
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.