Large group of Adapt IT shareholders support Volaris acquisition offer

Adapt IT and Volaris have stated that shareholders holding 44.4% of Adapt IT shares support the offer from Volaris to acquire control of Adapt IT.

“Volaris has now obtained irrevocable undertakings from shareholders holding 44.4% of Adapt IT shares to support its offer,” said the companies.

“The irrevocable undertakings from shareholders to date, referred to above, include an irrevocable undertaking from Blacksheep Master Fund Limited, who have confirmed their undertaking to vote in favour of the resolutions to approve the offer.”

“The resolutions include resolutions to implement the scheme of arrangement and the resolutions to delist Adapt IT following either the implementation of the scheme of arrangement or the general offer.”

Huge Group’s offer

Canadian software group Volaris made a cash offer to acquire Adapt IT on 7 April 2021. Volaris is a subsidiary of Toronto-listed Constellation Software Inc.

Adapt IT stated at the time that it had received a “notice of firm intention” to make an offer to buy over 50% of the issued ordinary shares of Adapt IT for a cash consideration of 650 cents per share.

Following the announcement, Huge Group’s top management launched an explosive video attacking the motives of Adapt IT’s top management with regards to the offer from Volaris.

This took place as Huge Group stated on 27 January that it had made an offer to Adapt IT shareholders to acquire all of the issued Adapt IT shares.

Huge Group said it would fulfil the purchase by issuing 0.9 Huge Group shares for each Adapt IT share tendered to each shareholder that accepted the offer.

Huge Group CEO James Herbst told MyBroadband Huge Group and Adapt IT were “better off together”, and remaining listed.

“Huge Group’s investment style is to back the jockeys and the management teams in place,” Herbst said.

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Large group of Adapt IT shareholders support Volaris acquisition offer