Opera Software to confirm by today whether Chinese bid can go ahead

Date: 18 Jul 2016

Source: Economic Times

Norway's Opera Software will say by early Monday whether all the conditions of a $1.24 billion takeover bid by a Chinese consortium have been met, the firm said on Friday. 

The deal was thrown into doubt on Tuesday when the online browser and advertising company said it had yet to receive regulatory approval. The offer's final deadline is today, Friday. 

"I still can't give any details, but I can say that the deadline expires at closing time on the Oslo Bourse today and that we definitely will send out a statement before the market opens Monday morning," Opera's head of investor relations, Petter Lade, told Reuters. 

The offer from a group of internet companies including search and security business Qihoo 360 Technology Co and Beijing Kunlun Tech Co, a distributor of online and mobile games, had received approval from Opera shareholders in May and was just awaiting approval from Chinese and US authorities. 

It is unclear whether approval from China, the United States, or both, is lacking. The deadline for approval by the Committee on Foreign Investment in the United States is Friday. 

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