Adapt IT has confirmed that Huge Group intends to make a firm offer to acquire or any of its shares.
The company has constituted independent board of directors, consisting of Craig Chambers, Oliver Fortuin, Zizipho Nyanga and Catherine Koffman for the purpose of the offer and advising shareholders as necessary.
In terms of the offer, Huge will offer to buy all or any of the shares held in Adapt IT. Each Adapt IT share will be replaced with 0,9 shared in the Huge Group.
This share swap is based on a price of 613 cents per Huge share, and implies of price of 552 cents per Adapt IT share.
Huge has confirmed that it has enough securities to effect the transaction.
The offer will be posted within the next 20 days, and shareholders will then have six business days to accept it.