Playtika Lifts Takeover Offer for Angry Birds Producer Rovio
Mobile gaming companion Playtika (NASDAQ: PLTK) said Thursday it’s increasing its acquisition extend for Rovio Entertainment Corporation to $9.78 a share.
The new all-cash call represents a 55% insurance premium to Rovio’s Jan 18 closing cost inward Helsinki. Finland-based Rovio is the troupe behindhand the pop mobile game dealership Angry Birds. The buy in also trades otc in the US below the stock ticker “RVTTY.”
We firmly trust the combining of Rovio’s renowned IP and scale of its user base, together with our best-in-class monetisation and spirited trading operations capabilities, testament make tremendous note value for our shareholders,” said Playtika Chief Executive Officer Henry Martyn Robert Antokol in a statement.
Israel-based Playtika offered Rovio $9.18 a percentage cobbler's last November. The Suomi companionship is currently inward a quiet full stop and didn’t stake a response to the new entreat on its website. Currently, on that point is “no understanding has been entered into betwixt Playtika and Rovio, and thither is no assurance that any dealings testament materialize or eventually be completed.”
Rovio Deal Could Benefit Playtika
Formerly a social unit of Caesars Entertainment, Playtika was i of the first-class honours degree to offering free-to-play societal games on social networks and peregrine devices, and has more than 35 gazillion monthly users. Its well-known games include Bingo Blitz, Caesars Slots, Slotomania, and World Series of Poker (WSOP) Social.
Facing a need for cash, the casino manipulator parted with the roving games fellowship inwards 2016, selling it to a group of Chinese investors for $4.4 billion. While Playtika is unity of the forefathers of the social gambling casino space, analysts and investors experience opined that too much of the company’s revenue is drug-addicted on a small figure of games, and that a significant amount of the games produced by the studio aren’t pop with daily players.
Angry Birds, which Rovio describes as “one of the biggest mobile games and entertainment make success stories of all time,” could allay those concerns. Interestingly, that was the 52nd spunky produced past the Finnish company, which was on the threshold of bankruptcy when it debuted the now-iconic franchise.
Angry Birds debuted in 2009 and strike 500 one thousand million app downloads inward 2011, and a one thousand million the next year. Some versions of the gamy feature film in-app purchases, which are telephone exchange to the revenue thesis for some mobile mettlesome makers. The in style(p) variant of the spirited isn’t considered “freemium” — manufacture lingo for disengage premium.
Playtika Needs to Boost Investor Confidence
Having missed nearly half its value o'er the past tense year, Playtika needs to pretend moves to restore investor confidence. Should it win a venerable dealership such as Angry Birds at what investors comprehend as a just price, that could contribute to the restoration project.
Previous efforts haven’t borne fruit. Last February, the company said it was considering strategic alternatives, including a possible sale.
Last June, engineering buyout monetary fund Joseph Jacques Cesaire Joffre Washington proclaimed it was getting a controlling wager inwards the roving gaming company. But the emptor pulled the stop up on that business deal in December.
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