Finland’s Rovio Entertainment, known for the game “Angry Birds,” said it has accepted a 706 million euro ($776.1 million) takeover offer from Japan’s Sega. The Wall Street Journal previously teased that Sega Sammy Holdings was close to a deal to acquire the company. Sega Sammy was created in 2004 from the merger between Sammy and Sega. The deal sees Sega paying €9.25 in cash for each Rovio share, plus €1.48 in cash per option to Rovio’s bondholders.
Rovio’s shareholders, who collectively hold shares corresponding to approximately 49.1% of outstanding shares and votes, have irrevocably undertaken to accept the offer, subject to compliance with certain conditions. “Rovio’s board of directors, represented by a quorum of all board members, has unanimously agreed to recommend that Rovio’s shareholders and option holders accept the offer,” the company said. “Among the rapidly growing global gaming market, the mobile gaming market has particularly high potential, and it has been Sega’s long-term goal to accelerate its expansion in this field,” added Sega CEO Haruki. Satomi. “Through the combination of brands, characters, fans of both companies, as well as corporate culture and functionality, in the future – he concluded – significant synergies will be created”.
Rovio had previously held talks with Israel’s Playtika Holding about a potential €8.50 share buyout of the company, but talks ended last month without a deal.
(Il Sole 24 Ore Radiocor Plus)
