Volaris sweetens its offer for Adapt IT to R7/share

money dollars cash 2156 1120 1 - Volaris sweetens its offer for Adapt IT to R7/shareVolaris Group, the Canadian firm pursuing JSE-listed software services group Adapt IT, has sweetened its all-cash offer to R7/share in an effort to see off a rival bid from South Africa’s Huge Group.

Volaris had previously offered shareholders R6.50/share, also all in cash.

Nodus Capital, appointed by an Adapt IT independent board to consider the fairness and reasonableness of the offer, has previously said a valuation of between R7 and R9.09 would be fair for shareholders. It has now said the new offer price is fair and the independent board has concurred with that finding.

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Already, Huge Group has increased its all-share offer – to as much as R9.09/share, depending on how one calculates the figure based on the share prices of Huge and Adapt IT. Given that Volaris has increased its offer by only 50c/share, it seems likely that the Canadian firm has not delivered a knockout blow to its rival’s ambitions.

The independent board has also determined that the revised Huge offer is fair and reasonable “because it is within the fair-value range”. – © 2021 NewsCentral Media

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Volaris sweetens its offer for Adapt IT to R7/share

money dollars cash 2156 1120 - Volaris sweetens its offer for Adapt IT to R7/shareVolaris Group, the Canadian firm pursuing JSE-listed software services group Adapt IT, has sweetened its all-cash offer to R7/share in an effort to see off a rival bid from South Africa’s Huge Group.

Volaris had previously offered shareholders R6.50/share, also all in cash.

Nodus Capital, appointed by an Adapt IT independent board to consider the fairness and reasonableness of the offer, has previously said a valuation of between R7 and R9.09 would be fair for shareholders. It has now said the new offer price is fair and the independent board has concurred with that finding.

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Already, Huge Group has increased its all-share offer – to as much as R9.09/share, depending on how one calculates the figure based on the share prices of Huge and Adapt IT. Given that Volaris has increased its offer by only 50c/share, it seems likely that the Canadian firm has not delivered a knockout blow to its rival’s ambitions.

The independent board has also determined that the revised Huge offer is fair and reasonable “because it is within the fair-value range”. – © 2021 NewsCentral Media

  • This is a developing story
Huge Group offer for Adapt IT ‘unfair and unreasonable’: Nodus Capital
🎴Also Read ▶️

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