ROB ROSE: Huge risk as war for Adapt IT hots up
James Herbst, CEO of Huge, says he needn’t be ashamed of changing his mind as he radically ups the stakes in the battle to take over Adapt IT
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...