It would appear as though last week’s rumours concerning Finnish games developer Rovio, most noted for their Angry Birds franchise, are valid. However, what was perhaps previously unknown was that the ‘birds are shopping the offer with not only Israeli digital entertainment developer Playtika with an offer on the table but also undisclosed “parties”.
In rather Nordic fashion, i.e. direct and to the point, Rovia released the following statement in the early hours of this morning:
”Following receipt by Rovio Entertainment Corporation (“Rovio”) of expressions of interest and indicative non-binding proposals to acquire all the issued and outstanding shares in Rovio, the Board of Directors of Rovio has decided to commence a strategic review.
As part of its strategic review, the Board has decided to enter into preliminary non-binding discussions with certain parties, including Playtika Holding Corp., who on 19 January 2023 announced a non-binding indicative proposal to acquire all issued and outstanding shares of Rovio at a proposed price of EUR 9.05 per share. Pursuant to its fiduciary duties, the Board of Rovio continues to explore all strategic alternatives in order to reach the best possible outcome for Rovio and its shareholders.
There can be no assurance that the strategic review and the preliminary non-binding discussions will result in any cash or other tender offer or any other transaction, or the pricing of any such possible transaction. Rovio will release further information at an appropriate time.”
At a premium price of €9.05 a share, if the deal were signed right now, would make Playtika’s offer come in at €751.69 million, justly in line with earlier rumours that speculated the deal would transpire for less than €1 billion.