Rovio gets an unsung offer from Playtika

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Rovio gets an unsung offer from Playtika

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

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

The publication 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, the Israel-based company made an unveiled offer of 8.50 euros per share for the entertainment studio in November 2022.

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

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