Opera nods at Chinese group's $1.2 billion bid - CNET

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Opera Software intends to accept a $1.2 billion acquisition offer from a group of Chinese companies.

The Norway-based company said Wednesday its board unanimously recommends that shareholders approve the bid, which would give the browser maker a strong push into China.

The Chinese consortium includes Inteet security company Qihoo 360, Inteet firm Beijing Kunlun (which invested roughly $93 million into Grindr earlier in the year) and investment group Golden Brick and Yonglian.

According to Opera, the $1.2 billion is a 56 percent premium over Opera's share price during the last 30 trading days.

Despite claiming 350 million users, the company's browser has struggled in the oversaturated Weste market. China could be a profitable arena for Opera, in part because Google's Chrome browser does not come preinstalled on Android phones in China like it does elsewhere. In addition, doing business in China without local partners is nigh impossible, but Opera could leverage the networks of Kunlun and Qihoo 360 if the deal goes through.