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  • rhipe (RHP) has validated buyout rumours by confirming Oslo Stock Exchange lister Crayon has tabled a 100 per cent acquisition offer at $2.50 per share
  • Crayon is a cloud services and Microsoft licensing specialist distributor headquartered in Norway and has had a presence in Australia since 2019
  • Due diligence ahead of a presentation to the RHP board is said to be underway but said that was no guarantee of a deal
  • Jefferies Australia and Allens are acting as financial advisor and legal advisor on the deal, respectively
  • rhipe shares are up 17.2 per cent and trading at $2.45 at 1:20 pm AEST

rhipe (RHP) has validated buyout rumours by confirming Oslo Stock Exchange lister Crayon has tabled a 100 per cent acquisition offer at $2.50 per share.

Crayon’s confirmatory due diligence is said to be underway on a non-exclusive basis to allow Crayon to present its proposal to the rhipe board for their consideration.

Crayon is a cloud services and Microsoft licensing specialist distributor headquartered in Norway and has had a presence in Australia since 2019.

rhipe shares had spent the last two days in a trading halt prior to today’s announcement, pending an update regarding a “control transaction” to the market.

According to RHP, Crayon had stated its intention to acquire a” leading player” with a similar business model. The proposal assumes a net cash position of rhipe at closing of at least $31 million.

rhipe is required to secure board, shareholder and foreign investment review board (FIRB) approval—among other conditions—to get the deal across the line.

RHP noted there was no certainty that Crayon would submit a satisfactory binding proposal following the due diligence process and that shareholders need not take any action at this time.

The ASX-lister has appointed Jefferies Australia as financial advisor, and Allens as legal advisor.

rhipe shares were up 17.2 per cent and trading at $2.45 at 1:20 pm AEST.

RHP by the numbers
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