After reviewing the three binding bids, Gorenje asked two of the bidders to raise their stakes. Gorenje then opted for Hisense as their strategic partner, as the latter offered 12 euros per share. The offer is subject to a minimum acceptance condition of 50% plus one share.

Gorenje said that a team of key shareholders as well as a financial and a legal expert helped them review the bids. Three criteria were considered in the selection process: strategic elements, the feasibility of the transaction, and the price per share.

“Hisense has committed to publishing a takeover intent within 15 days. They will also announce a takeover bid in compliance with statutory deadlines," Gorenje said. Unofficially, all the three binding bids were submitted by Chinese companies: Haier, Hefei Meiling, and Hisense Electric.