Rovio receives non-binding offer from Playtika

The studio is valued at about 750 million euros, according to the offer.

Rovio stated in a stock exchange release that it is not currently engaged in negotiations with Playtika. It said it was evaluating the indicative offer to determine whether or not to proceed with it and how.

The release reminds that the indicative proposal is subject to a number of preconditions, including the satisfactory completion of due diligence, final approval by the board of Playtika, a unanimous and unqualified recommendation from the board of Rovio, and entry into a combination agreement between Rovio and Playtika.

Shares in the studio went up by 38 per cent on Friday.

The non-binding offer marks the second attempt to acquire Rovio by Playtika. According to Helsingin Sanomat, Israel-based company made an undisclosed offer for the entertainment studio in November 2022, worth 8.50 euros per share.

Playtika has made a number of acquisitions in the country in recent years, as it has tried to expand its offering beyond casino games. In 2019 the developer of Best Fiends was acquired for an undisclosed price, and Reworks, the studio behind Redecor, was acquired for around 340 million euros in 2021.

In 2020, the fourth largest studio in Finland was shut down less than three years after the acquisition, leading to the sacking of 124 employees in Helsinki in 2022.