Shareholders of Opera Software ASA won’t be receiving the big payout that they were promised when it accepted a $1.2 billion buyout offer from a Chinese consortium in February. The browser maker announced today that the deal fell through after failing to receive regulatory approval in the pre-allotted time frame. Fortunately, management has come up with a contingency plan that might just salvage the deal.

The proposal centers on reducing the number of Opera divisions that will be transferred to the Chinese group, which includes game distributor Beijing Kunlun Tech Co, search provider Qihoo 360 Technology Co. and two investment firms. Under the new terms, the browser maker’s gaming, advertising, marketing and TV businesses will be left out of the deal to shorten the regulatory approval process. A spokesperson for the buyer group said that the move has already been approved and is expected to save 6-12 months.

More specifically, leaving the affected units out of the deal will make it easier to win over U.S. authorities that dislike the thought of marketing data about American consumers falling into Chinese hands. The renegotiated deal represents an acceptable compromise for all the parties involved. Regulators have one less issue to worry about, while the buyer group will still obtain the businesses it needs to pursue its competitive ambitions. Beijing Kunlun and Qihoo 360 plan on harnessing Opera’s products to challenge better-established competitors like Jack Ma’s Alibaba Group Holdings Limited.

The browser maker, for its part, will receive about $600 million as part of the deal. Karl-Norne Securities AS Johan Molnes analyst told Reuters that he expects shareholders to receive a dividend of about $2.9-$3.55 per share if and when the transaction closes. And once the buyout is official, Opera will join forces with its new owners to refocus on China’s massive consumer market.

SiliconANGLE Network co-founder and CEO John Furrier believes that more such deals will follow as Asian’s tech giants continue to expand their presence in the West.  “China investments are going to increase in Silicon Valley in the next few years,” he predicts. “I expect to see venture-backed companies to be seduced by the allure of the huge China market and the Chinese are showing interest in moving beyond China for deals.”

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