The independent board of Adapt IT has appointed Nodus Capital TS as an independent expert to express an opinion on whether the Huge Offer Consideration is fair and reasonable to Adapt IT shareholders, taking into account the value of Adapt IT’s shares.
This follows the announcement last week from Huge Group of a firm intention to acquire up to 100% of the entire issued share capital of Adapt IT.
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In terms of the offer, Huge will offer to issue 0.9 ordinary shares of Huge for every Adapt IT share acquired by Huge. The swap ratio is based on a reference price of 613 cents per Huge Share and an implied price of 552 cents per Adapt IT share.
Upon receipt of the independent expert’s opinion and having considered it, the independent oard will form its own opinion as to whether or not the offer is fair and reasonable to Adapt IT shareholders and advise Adapt IT shareholders thereof as soon as possible.
Adapt IT is therefore cautioning shareholders not to make any decisions, take any actions or provide any undertakings in relation to the Huge offer, until they have received the opinions on whether it is fair and reasonable.