Adapt IT appoints independent expert to check Huge Group offer
DURBAN - ADAPT IT said yesterday that it had appointed an independent expert, Nodus Capital TS, to express an opinion on Huge Group’s proposed offer for its entire issued share capital.
The Huge Group tabled an offer to Adapt IT shareholders at the end of last month by offering shareholders 0.9 Huge shares for every Adapt IT ordinary share.
The group said the swop ratio was based on a reference price of 613 cents per Huge share and an implied price of 552c per Adapt IT share.
Adapt IT independent non-executive chairperson Craig Chambers said they had cautioned their shareholders to not make any decisions, take any actions or provide any undertakings in relation to the Huge offer until they had had the benefit of the opinions of the independent expert and the independent board.
“Adapt IT has already begun drafting the Adapt IT response circular in order to issue this as soon as practicably possible after the publication of the Huge Group’s offer circular,” Chambers said.
Adapt IT said the independent board would form its own opinion regarding whether or not the Huge offer was fair and reasonable to Adapt IT shareholders after receiving and considering the independent expert’s opinion.