Chinese Tech Group Offers To Buy Opera; Board Endorses

jones_supa writes: There's been plenty of speculation around the future of web browser maker Opera, and now that looks like it will soon be resolved. Today the Norway-headquartered company confirmed that it has received a $1.2 billion acquisition offer from a group fronted by Chinese consumer tech companies Kunlun Tech and Qihoo 360. The deal is for 100% of the company, and it represents a 53% premium on the company's valuation based on its most recent trading price. Opera's board said in a statement (PDF) that it has "unanimously decided to recommend" its shareholders to accept the bid. The final deal is subject to government and shareholders' approvals.

Comments

Re: Noooooooooo

[Anonymous Coward]

Opera hasnt been like that for 6-7 years. Its garbage now as a desktop app.

Re:Noooooooooo

[Lunix Nutcase]

Yes, making a reskinned Chrome is super innovative.

China blues

[iserlohn]

China is due for a massive correction in the economy. Debt driven growth has reached saturation and from now on, we will see a lot of deleveraging and money being printed (ie. QE) to prevent deflation.

Acquisitions is one of the best ways to swap depreciating Yuan assets (to use as collateral) and turn them into foreign assets. As the likelihood that CNY will devalue increases, you will see more and more of these desperate deals.

Re:China blues

[BarbaraHudson]

It's not just China that is due for a "massive correction in the economy." Look at how many first-world countries have negative interest rates, because printing money just meant more money stuck in "financial investments" rather than productive ventures.