Opera Software said a Chinese consortium extended a $1.2 billion offer for the Norwegian mobile browser firm until next month, having fallen short of the required level of acceptance among shareholders.
The consortium, which is made up of internet firms Kunlun and Qihoo as well as investment funds Golden Brick and Yonglian, will keep its offer open until 24 May, in the hope of winning over more Opera shareholders. The deal was announced in February.
Currently, the offer has received acceptance from shareholders representing 72 per cent of the company’s equity, but needs to exceed 90 per cent for completion.
“There will be no further extensions to the offer period,” said a statement by the consortium.
The sale by Opera follows a strategic review announced last year. The company’s management and board both backed the offer by the Chinese consortium.