Investing.com -- SoftwareOne Holding AG’s takeover bid for Norwegian company Crayon Group Holding, valued at 12.9 billion krone ($1.14 billion), faces potential opposition from a group of investors led by Hvaler Invest AS, a top-10 shareholder in Crayon.

Hvaler, which holds a 2.46% stake in Crayon, warned that the bid from the larger Swiss rival is unlikely to receive the necessary approval from shareholders. The chairman of Hvaler, Sverre Bjerkeli, communicated this concern over the phone, according to Bloomberg News. He advised shareholders to reject the deal, citing a risk that the announced synergies will not materialize and presenting an unattractive risk/reward scenario for the next two years, as stated in a note from Hvaler in February.

The merger between the Swiss and Norwegian software resellers was announced in mid-December. For the deal to be finalized, it needs the support of at least 90% of Crayon’s shareholders and approval by two-thirds of SoftwareOne’s shareholders.

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