Huge Group makes surprise offer to buy Adapt IT

Huge Group (Huge) announced on 27 January that it has made an offer to Adapt IT shareholders to acquire all of the issued Adapt IT shares.

Huge was born after a consolidation between TelePassport and Centracell that formed Huge Telecom in 2007.

Since then, the company has evolved into a diversified investment holdings group and is currently focussed on unlocking opportunities in South Africa through strategic acquisitions.

Adapt IT is its latest target with an irrevocable offer to purchase all of the issued Adapt IT shares at R5.52 per share.

Adapt IT was trading at around R4.00 a share on Wednesday, and Huge highlighted that its offer represents a 33% premium on its 30-day weighted average traded price on 26 January 2021.

Huge said it will fulfil the purchase by issuing 0.9 Huge shares for each Adapt IT share tendered to each shareholder that accepts the offer.

“The offer is conditional as to acceptances on the basis that the minimum percentage of Adapt IT shares required to be tendered by shareholders before Huge is required to accept all tendered Adapt IT Shares is 0.01% of the Adapt IT shares,” Huge said.

Adapt IT currently has a market cap of R581 million while Huge Group has a market cap of R1.07 billion.

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Sourced from: My Broadband. View the original article here.


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