Volaris, Huge war for Adapt IT hots up

Bidding war comes in the wake of the sudden extended leave of absence of Adapt IT founder and CEO Sbu Shabalala

06 June 2021 - 00:03 By JANE STEINACKER

The bidding war for Adapt IT is in full swing, with prospective buyers Huge Group and Volaris upping their offers to purchase the company.

On Friday, Adapt IT released a JSE Sens (Stock Exchange News Services) announcement saying Canadian technology company Volaris had upped its cash offer to R7 a share for Adapt IT’s shares. This presents a 68% premium to the closing price of Adapt IT shares of R4.16 on April 1 — the last trading date before Adapt IT entered into the Volaris offer agreement...

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