Huge Group announced on Wednesday (27 January), that it has made an offer to acquire all of the issued shares of JSE-listed Adapt IT.
Huge was born after a consolidation between TelePassport and Centracell that formed Huge Telecom in 2007. The holding company has investments in subsidiary companies operating in the telecommunications, media, technology and software industries.
The group said in a statement that it has made an offer to purchase all of the issued Adapt IT shares at R5.52 per share.
Adapt IT traded at around R4.00 a share on Wednesday, while Huge said 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.