Crayon, SoftwareOne Deal Faces Threat From Minority Shareholders

SoftwareOne Holding AG’s 12.9 billion-krone ($1.14 billion) takeover bid for Norwegian firm Crayon Group Holding may be challenged by a group of investors led by a top-10 shareholder.

Hvaler Invest AS, which holds a 2.46% stake in Crayon, the ninth largest, warned the bid from the larger Swiss rival is unlikely to garner the necessary sign-off from stakeholders, Chairman Sverre Bjerkeli said by phone. Shareholders should walk away from the deal, citing a risk that the announced synergies won’t be achieved and an unattractive risk/reward looking 2 years ahead, Hvaler said in a note back in February.