APAC’s leading cloud and technology solutions provider, rhipe (ASX: RHP), has announced that it has entered into a binding Scheme Implementation Deed with global IT consultancy, Crayon. Under this agreement it is proposed that Crayon will acquire 100% of the shares in rhipe by way of a Scheme of Arrangement ("Scheme").
Crayon is a global leader in software asset management and cloud optimization localised in over 35 countries, with its head office in Oslo, Norway, with revenues of approximately Kr 19.5 billion (A$3.0 billion).
The Scheme is subject to conditions, customary for a transaction of this nature, including, rhipe shareholder approval by the requisite majorities at the Scheme Meeting, approval by the Court, customary regulatory approvals, the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of rhipe shareholders, no rhipe material adverse change and no prescribed occurrences.
rhipe shareholders do not need to take any action at the present time and will be given the opportunity to vote on the Scheme at a Scheme Meeting, expected to be held in September 2021. Subject to the conditions of the Scheme being satisfied, implementation of the scheme is expected to occur in October 2021.
The rhipe Directors unanimously recommend that rhipe shareholders vote in favour of the Scheme at the Scheme meeting in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of rhipe’s shareholders.
rhipe Chairman, Gary Cox said, “The rhipe Board has unanimously concluded the Scheme represents an attractive outcome for our shareholders, partners, customers and staff. In the rhipe Board’s view, the all cash price at a significant premium to the recent VWAP trading performance reflects the inherent value of rhipe’s business operations, platform and growth strategy throughout Asia Pacific.
“rhipe’s partners and customers will benefit from the broader global service capability from a combined Crayon and rhipe. In addition, Crayon’s offer is positive news for rhipe’s staff, as we believe there will be increased opportunities to develop new technologies and products to grow their careers.”
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rhipe, (ASX: RHP) is a global leader in cloud and technology solutions, providing partners with business advisory and deep domain technical expertise to thrive in the growing cloud market. rhipe is recognised as an expert in subscription software licensing in Asia Pacific. Its multi-award-winning services and support division is the industry leader in Microsoft Office 365 implementation and other global vendor solutions.