Rovio Entertainment Corporation confirms receipt of a non-binding indicative proposal from Playtika Holding Corp.
Press release Rovio Entertainment Corporation January 20, 2023, 9:00 a.m. EET
Rovio Entertainment company acknowledges receipt of a non-binding indicative proposal for Playtika Holding Corp.
The Board of Directors of Rovio Entertainment Corporation (“Rovio”) notes the announcement made yesterday by Playtika Holding Corp. (“Playtika“) regarding its non-binding indicative proposal to acquire all of the issued and outstanding shares of Rovio at the proposed price of EUR 9.05 per share (the “Indicative Proposal”), corresponding to a premium of approximately 60% over the closing price of Rovio shares on Nasdaq Helsinki on January 19, 2023.
The indicative proposal submitted to the Rovio board by Playtika at 6:31 p.m. yesterday has not yet been presented to the board, Playtika’s announcement regarding its indicative proposal was made public almost simultaneously with its submission to the board, and Playtika’s announcement was not coordinated with Rovio’s board of directors in any way.
The indicative proposal that contemplates the completion of a cash tender offer by Playtika is subject to a number of conditions precedent, including, but not limited to, satisfactory completion of due diligence, final approval by Playtika’s board of directors, a unanimous and unqualified recommendation by Rovio’s board of directors, and the negotiation and conclusion of a combination agreement between Rovio and Playtika. Completion of such cash tender offer would, pursuant to the Indicative Proposal, be subject to further conditions, including, but not limited to, the approval of Rovio shareholders holding at least 90% shares of Rovio, and obtaining all necessary regulatory approvals.
Currently, Rovio is not engaged in any negotiations with Playtika. Rovio’s Board of Directors evaluates the Indicative Proposal and will determine if and how to proceed with it.
Rovio will post more information in due course. There can be no assurance that the Indicative Proposal will result in a cash tender offer or any other transaction.
Rovio Entertainment Corporation
Board of directors
For more information please contact:
Alexandre Pelletier-Normand, CEO
+358 40 485 8985
Nasdaq Helsinki Ltd
Main news media
Rovio Entertainment Corporation is a global mobile games company that creates, develops and publishes mobile games, which have been downloaded over 5 billion times. Rovio is best known for the global brand Angry Birds, which started as a popular mobile game in 2009, and has since evolved from games to various entertainment, animations and branded licensed consumer products. Rovio produced The Angry Birds Movie (2016) and its sequel, The Angry Birds Movie 2 was released in 2019. The company offers several mobile games and has eight game studios – one in Espoo (Finland), one in Stockholm (Sweden) , one in Copenhagen (Denmark), one in Barcelona (Spain), two in Montreal and one in Toronto (Canada). The studios also include a subsidiary in Izmir (Turkey) called Ruby Games, which was acquired in 2021. Most employees are based in Finland where Rovio is headquartered. The company’s shares are listed on the main list of the NASDAQ Helsinki stock exchange with the trading code ROVIO. (www.rovio.com)