Rhipe (RHP) $2.50

RHP -0.79%: much to our surprise Rhipe accepted the $2.50/sh offer today from Norway’s Crayon (CRYN.OS) a week after the bid was announced. Our view is that a 20% premium to last was very tight given the synergies and cross sell opportunities between the companies however the board of Rhipe have agreed to the bid. Rhipe will likely pay a fully franked special dividend ~13c ahead of the implementation to release a bit more value for shareholders though the cash component of the div will be taken off the bid price. Barring a superior offer, the deal looks set to wrap up by October.