Israeli mobile games company Playtika (Nasdaq: PLTK) has offered €690 million in an all cash deal to buy Rovio Entertainment, the producer of ‘Angry Birds.’ Playtika has offered to buy Rovio shares for €9.05 each, a 60% premium on the current share price. Rovio had been trading at higher than this price in 2022 on the Finnish stock market, where it currently has a market cap of €470 million.
Playtika’s offer to Rovio’s board of directors is non-binding. Playtika previously offered to buy Rovio’s shares for €8.50 each.
Playtika notes that the offer is subject to customary conditions, including compliance with due diligence and a recommendation by Rovio’s board of directors. At the present time, an agreement has not yet been signed between Playtika and Rovio and there is no guarantee that the transaction will be realized or be completed in the end.
Playtika CEO Robert Antokol said, “We firmly believe the combination of Rovio’s renowned IP and scale of its user base, together with our best-in-class monetization and game operations capabilities, will create tremendous value for our shareholders.”
Playtika’s share price is down 1.04% at $9.51, giving a market cap of $3.434 billion. The company held its IPO two years ago at a valuation of $11 billion.
Published by Globes, Israel business news – en.globes.co.il – on January 19, 2023.
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