From the AFR this morning. What do holders think of $2.50? I assume the board will not support it at $2.50...
ASX-listed software company Rhipe is set to confirm a bid from Norway’s Crayon Group Holding ASA after years of on and off talks between the pair.Analysts reckon the bid would value Rhipe at about $400 million on a market capitalisation basis, or roughly $2.50 a share.Rhipe’s set to emerge with a bid from Crayon. Sources close to the company confirmed investment bank Jefferies and law firm Allens were advising Rhipe.The bid comes as Rhipe and Crayon, which also offers software asset management and cloud licensing, have held informal talks in the past, however Crayon’s offer elevates the seriousness of its interest.Rhipe’s pending announcement comes as its shares have spent the past two days in a trading halt, to deal with “a control transaction” involving the group.Street Talk reported that Crayon was the likely bidder on Tuesday. Crayon has spent the past few days raising capital - debt and equity - and building its M&A warchest.Rhipe shares last traded at $2.09. They were at $1.81 a share this time last month.
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