The I-Fusion share was up nearly 30% in early morning trade after it announced listed holdings company Bidvest`s intention to acquire the entire share capital of the technology company.
The companies entered into an agreement for Bidvest to acquire a majority shareholding in I-Fusion in May last year which would see the merging of Bidvest`s IT interests in the new group.
The initial payment offered to I-Fusion investors was R1 per share as an outright cash offer, or 70c per share with an 80c deferred payment, contingent to I-Fusion achieving at least R11.2 million after tax for the year to February.
The group did not meet the target and I-Fusion shareholders were warned in May this year that the deferred payment would not hold.
The cautionary released today to the investor community had a positive effect on the I-Fusion share price as the counter gained nearly 30% from its 37c opening to trade at 46c by 11am.
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