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OSLO (Reuters) – China’s Qumei Home Furnishing Group (603818.SS) on Tuesday fabricated an all-cash bid for Norway’s Ekornes (EKO.OL), account the Oslo-listed appliance maker at 5.1 billion Norwegian crowns ($630.75 million), the companies said in a collective statement.

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The lath of Ekornes absolutely recommended the bid of 139 Norwegian crowns per share, a exceptional of 18 percent aloft Wednesday’s close.

“After the aboriginal access from Qumei added than a year ago, the lath and administration accept spent cogent time and efforts to appraise this cardinal opportunity,” Ekornes said.

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“We accept been afflicted by Qumei’s adeptness to advance acknowledged articles and business concepts and we see abundant abeyant for Ekornes to abide its success beneath this new ownership,” it added.

Shareholders owning 25.7 percent of Ekornes accept accustomed pre-acceptance, Ekornes said.

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Best accepted for its “Stressless” appliance brand, Ekornes’ revenues fell by 2 percent to 3.08 billion Norwegian crowns in 2017, while its net profit, hit by a abrogating bill effects, fell by 38 percent to 200.5 actor crowns.

By 0711 GMT, shares of Ekornes traded 16 percent college for the day at 137 Norwegian crowns, aloof shy of the 139 crowns action price.

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Reporting by Terje Solsvik. Editing by Jane Merriman

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