Shareholders holding almost 48% of Adapt IT shares undertook to vote in favour of the takeover, the companies confirmed on Tuesday. But Volaris’ bid of R6.50 per share (in cash) is now below Adapt IT’s current share price of around R7.12. Volaris specialises in acquiring vertical market software companies and is part of Toronto-listed Constellation Software, which has a market cap of more than $25 billion. Instead of accepting cash from Volaris, Adapt IT shareholders can remain shareholders in the local company, which may be delisted. Shabalala owns 10.4% of Adapt-IT – which is worth more than R93 million in terms of the Volaris offer.

Source: News 24 June 01, 2021 09:59 UTC