Latest Business and Tech News: Takeover bid, Exec out on bail + More

Surprise takeover bid in tech sector 

The telecom technology company Huge Group has made a surprise bid to buy out software group Adapt IT.

Adapt IT shareholders are offered 0.9 Huge share for every one Adapt IT share they own, which implies an offer price 552c for Adapt. The bid is worth R800 million.

Adapt’s share price rocketed by more than 12% on Thursday morning.

Cell C exec out on bail in R130m fraud case

Former Cell C IT manager Mohamed Ismail Adamjee was released on bail of R50,000, after being charged for fraud and corruption that cost the company R130 million. He allegedly inflated invoices by information service providers.

IMF more downbeat about SA growth in 2021

The IMF has revised its expectations for South Africa’s economy. It now expects that the local economy shrank by 7.5% last year – from 8% previously. But it expects growth of only 2.8% this year – from a forecast of 3% previously.

Strong sales at Pep, Ackermans

Pepkor’s new trading update shows that its sales rose by almost 8% to R20.3 billion in the three months to end-December.  The Pep and Ackermans brands reported sales growth of almost 9%. Prices rose by 5%.

Business Insider SA

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