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Listed ICT group Adapt IT has called on shareholders to reject a bid from telecoms company, Huge Group, to acquire a controlling share of the company. Huge Group earlier this year made a move to acquire 100% of Adapt IT through an offer of a share issuance, equal to 0.9 ordinary shares in Huge for each Adapt IT share. Adapt IT appointed an independent group – Nodus Capital – to assess the offer and perform a detailed valuation of its shares. “Based on the results of the procedures performed and other considerations, (Nodus) concluded that a fair price range for Adapt IT is R7.00 to R9.09 per Adapt IT share. Accordingly, (Nodus) is of the opinion that the Huge offer consideration is unfair and unreasonable to Adapt IT Shareholders,” the group said. The Huge offer works out to be “materially below that fair price range”, Nodus said. The group said in a circular that although the Huge offer was higher than the traded price of Adapt IT at the time when it was first announced, the...Read More