Opera Software secured backing from more than 90 per cent of its shareholders for a proposed $1.2 billion takeover by a Chinese consortium, clearing a major hurdle for the deal to proceed.
Opera said in a filing the bid was accepted by shareholders owning approximately 90.6 per cent in outstanding share capital, and 90.9 per cent of votes in the company, which marginally exceeded the required 90 per cent threshold to push the deal forward.
The consortium, which is made up of internet firms Kunlun and Qihoo, as well as investment funds Golden Brick and Yonglian, last month extended its offer until 24 May, having secured acceptance from shareholders representing only 72 per cent of the company’s equity at the time.
It said it would not provide any further extensions to the offer period. The deal was first announced in February, with the sale by Opera following a strategic review announced last year.
The Norwegian mobile browser firm believes the deal will allow it to penetrate more emerging market consumers.
The company’s management and board have also both backed the Chinese consortium takeover, and the offer now reportedly requires approval from US and Chinese authorities.