rhipe agrees to Scheme Implementation Deed with Crayon

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.