Huge Group forced to take down videos by takeover watchdog

The Takeover Regulation Panel , which oversees mergers and acquisitions in SA, has told Huge Group to take down a set of videos on its website related to its takeover bid for fellow technology player, Adapt IT.

Earlier this year, Huge made an R800m bid to buy out Adapt IT, which provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors.As part of its campaign to win over Adapt IT shareholders, Huge had created a set of videos, available on its website, touting the benefits of its offer.

On Wednesday, Huge said it had been notified by the TRP that the videos constitute “announcements” in respect of which approval from the TRP ought to have been sought prior to publication. “Accordingly, Huge has removed the videos from its website and retracts the statements they contain,” the group said in a statement.

On April 1, Volaris made a R6.50 per share offer, or a 56% premium on the IT group’s closing share price, throwing into doubt the all-paper takeover offer from Huge.he Financial Sector Conduct Authority clearing Huge of suspicious activity related to its buyout offer for Adapt IT.

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