QXL.com has reached an agreement to merge with German online auctions firm ricardo.de, after facing down a host of difficulties. If completed, the merger will create one of Europe's largest e-commerce sites and help bolster QXL against imminent competition from US-based firms such as eBay.
QXL threw the merger into doubt earlier this month after claiming it needed to review new information from ricardo "primarily related to the [firm's] current trading and financial performance".
Under the new terms of the deal, released Friday, QXL will offer all ricardo shareholders 34 QXL Ordinary Shares for each ricardo share, for a deal totalling about £171.2m based on QXL's 59p closing price on the London Stock Exchange Thursday.
See techTrader for more technology investment news, plus quotes and research.
See also: the e-commerce special.