It's been a long wait, but the response was pretty much expected. Adapt IT has advised its shareholders to disregard a merger offer from Huge Group after an independent expert said the offer was unfair and unreasonable - and also well below fair value for the technology company.

It has yet to respond formally to another offer, from Canada's Volaris, which is also below the fair value band of R7 to R9.09 that it believes it's worth. While Huge Group didn't respond yesterday, it previously said that Adapt IT shareholders had more to gain by accepting its all share offer and remaining invested in the enlarged group.

Meanwhile, earnings season is well underway with a number of property companies reporting back yesterday. Naturally, they've been impacted by Covid-19, which some have weathered better than others.

As well as reports from Balwin Properties, Calgro M3 and Dipula Income Fund, Altron and Astral Foods also reported back and you can find all the details in today's newsletter.

Finally, if you missed it yesterday, click here to access episode 25 of the popular Magic Markets podcast. This week, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows.com) touch on the importance of valuations and taking a sensible approach in frothy markets. They discuss Cathie Wood and ARK Invest, including the risks of illiquid stocks and what investors need to consider before investing in such companies.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect