Canada-based Volaris makes audacious bid for AdaptIT controlling stake
CAPE TOWN - Adapt IT said yesterday it had entered in an agreement with Volaris to make an offer to acquire up to 100 percent of Adapt IT for a cash consideration of R6.50 per Adapt IT share.
The consideration represented a premium of 56.9 percent to the 30-day volume weighted average traded price of Adapt IT shares of R4.14, as at January 26, 2021, being the last trading date prior to the date on which an unsolicited general offer by Huge Group to Adapt IT shareholders was announced.
Volaris specialises in acquiring vertical market software companies and is an operating group of Toronto listed Constellation Software Inc. which has a market cap in excess of $25 billion.
Meanwhile, Huge Group said yesterday it had been granted an extension to April 16, from April 6, to circulate its formal offer for Adapt IT.
Adapt IT shareholders holding 21.6 percent of the shares of the company had undertaken to accept the Volaris offer.