As far as corporate drama goes, there’s very little going to beat the battle for Adapt IT. The story has everything: a relatively anonymous Umhlanga-based technology company, happily chugging along, first gets a takeover offer from the Huge Group in February for, effectively, R5.52 a share.

Only, it’s not so clear-cut, as Adapt IT shareholders will have to swap their stake into a larger Huge Group, and anyway, Adapt IT CEO Sbu Shabalala and his board don’t fancy being owned by Huge, so the offer soon turns hostile...

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