Global IT consultancy Crayon has offered to acquire Australian distributor Rhipe for $2.50 per share or $402.7 million.
The company sent an indicative, non-binding takeover offer, which does not guarantee Crayon will eventually offer a binding proposal, but Rhipe said it is working with Crayon to get to a satisfactory outcome.
Headquartered in Norway, Crayon specialises in delivering software asset management, cloud/volume licensing and consulting services. Its services focus on cloud adoption, governance and lifecycle management framework, data and AI adoption.
Crayon’s proposal said that any final, binding offer would be subject to the following conditions:
- the satisfactory completion of confirmatory due diligence and negotiation of a Scheme Implementation Deed
- unanimous and continuing recommendation of the Rhipe board
- no material adverse change occurs in relation to Rhipe
- customary conditions including Rhipe shareholder approval, Foreign Investment Review Board (FIRB) approval and other requisite regulatory approvals.
The proposal also assumes a net cash position of Rhipe at closing of around $31 million.
Rhipe said its board has resolved to allow Crayon to undertake the due diligence on a non-exclusive basis.
The distributor has appointed Jefferies Australia as its financial advisor and Allens as legal advisor.