Majority of Adapt IT shareholders support Volaris takeover bid

Majority of Adapt IT shareholders support Volaris takeover bid

Majority of Adapt IT shareholders support Volaris takeover bid image


Adapt IT shareholders yesterday voted overwhelmingly in favour of Canadian software group Volaris’s buyout offer.

Yesterday, shareholders adopted all resolutions set out in Adapt IT’s notice of general meeting with regards to the Volaris cash offer of R7 per Adapt IT share, including delisting from the JSE following the implementation of the transaction, if required.

Some 69.82% of Adapt IT shareholders, holding 95 834 979 shares, voted in a move that has now sealed the fate of the Huge Group bid.

The two companies, Huge Group and Volaris, have been aggressively pushing Adapt IT shareholders to accept their respective offers.

The Volaris offer accepted by majority shareholders yesterday was tabled last month after rival suitor Huge Group presented Adapt IT shareholders with a fresh offer of R9.09 per share from the initial R5.52.

The offer price baiting followed recommendations by Nodus Capital, which Adapt IT appointed to evaluate the bid, that a fair price range for Adapt IT is R7 to R9.09 per Adapt IT share.

Huge Group responded first with a measurable offer of R9.09 per share and Volaris also then improved its offer.

The race between Huge and Volaris to take control of Adapt IT had been unfolding in the past few months, as both companies were determined to acquire a controlling stake of the JSE-listed software services company.

Source: IT Web