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The Oslo Stock Exchange has extended the acceptance deadline for Ekornes shareholders to back the takeover of the company by Chinese furniture group Qumei.

 

The Far East vertically-integrated furniture designer, maker and retailer formally bid for the Stressless brand owner at the beginning of June, having announced the planned deal at the end of May (see related).


Qumei Home Furnishing Group's takeover, which has the blessing of Ekornes' board, would boost Ekornes' ability to grow its Stressless and IMG businesses in China and other Far East markets.


Qumei has bought 10.1 percent of Ekornes shares and has received prior acceptances from the holders of a further 40.4 percent of the share capital, bringing the total to 50.5 percent.


The offer — which values Ekornes at around £472 million — is conditional on at least 55.57 percent acceptance. The deadline has been extended until July 30, with a further extension possible.

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— Chinese furniture maker to buy Stressless owner


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