Adapt IT and Canadian software group Volaris have extended by a week the deadline for the fulfilment of the scheme of arrangement for the takeover of the JSE-listed software services group.
Initially, the fulfilment date was set for 7 May but has now been moved to 14 May, Adapt IT announced today.
Volaris has received a binding offer from a significant number of Adapt IT shareholders, placing the company at an advantage in its attempt to control the JSE-listed specialised software provider.
The Canadian software group, which is facing fierce challenge from Huge Group over the Adapt IT shares, announced two weeks ago that it had obtained noteworthy support for the deal after receiving irrevocable commitment from shareholders holding 44.4% of Adapt IT shares.
Volaris launched its bid to take control of Adapt IT in April, offering to acquire more than 50% of the issued ordinary shares of Adapt IT for 650c per share.
Huge Group recently upped the ante in its effort to take control of the software services company with a series of videos that discredited the Volaris offer, while aggressively urging shareholders to accept its bid. The group was later forced to remove the videos.
Today’s deadline extension comes on the back of weekend reports that Adapt IT CEO Sbu Shabalala had been involved in an attack on an Ethekwini municipality manager, Sipho Nzuza.
According to the Sunday Times, Shabalala is accused of ordering unidentified men to assault his estranged wife, Neo Shabalala’s partner, Nzuza, who is now reportedly in critical condition in hospital.
The newspaper reported that Neo and Sbu Shabalala are battling over the divorce settlement, with his former wife claiming part of his assets, which she says is over R133 million.
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