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Huge updates market on R800m Adapt IT bid, withdraws cautionary

5th February 2021

     

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A week after making a general offer to acquire up to 100% of the issued Adapt IT shares, JSE-listed Huge Group has withdrawn its cautionary after mapping out the proposal.

Huge, which is “ready, able and willing” to implement the offer, made a firm bid earlier this week, irrevocably offering to purchase all – or any – Adapt IT shares at an equivalent 552c a piece.

The company will issue each Adapt IT shareholder that accepts the offer ordinary shares in Huge at a swap ratio, based on a 613c a Huge share, of 0.9 Huge shares for each Adapt IT share tendered.

Should the offer be accepted, it will result in a maximum total purchase consideration of R799.77-million and a maximum sale consideration settled by the issue of about 130.39-million new Huge shares.

“In this regard, the board has procured irrevocable undertakings from Huge shareholders holding 79.57% of the issued share capital of Huge to vote in favour of the resolutions necessary to implement the proposed transaction and the offer,” the company said in an update to the market.

As at June 30, 2020, the net asset value of Adapt IT was R746.49-million and the profit attributable to equity holders of the parent was R70.65-million.

Edited by Creamer Media Reporter

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