Angry Birds maker Rovio confirms talks with Sega over tender offer
10:11 am Saturday, April 15th, 2023
(Reuters) – Rovio Entertainment, the company behind the mobile game Angry Birds, confirmed on Saturday that it is in talks with Japan’s Sega Sammy Holdings Inc over a possible tender offer.
Rovio announced the start of a strategic review and preliminary non-binding discussions regarding a potential tender offer for its shares in February, a statement from the group said.
“As part of its strategic review, Rovio Entertainment Corporation confirms that it is in discussions with Sega Sammy Holdings Inc,” it said. “Rovio and Sega will release further information at an appropriate time.”
The statement comes after the Wall Street Journal on Friday reported that Sega is nearing a deal to acquire Rovio for about $1 billion.
Rovio declined to comment on the valuation. As of Friday’s close its market capitalization stood at 594.1 million euros ($653.5 million), according to Refinitiv Eikon data.
The company added in the statement that there “is no certainty as to when the possible tender offer would take place, or whether it would take place at all”.
Sega did not immediately respond to a Reuters request for comment.
Rovio received a 683 million euro takeover bid in January from Israeli peer Playtika Holding Corp, but the talks were called off last month.
($1 = 0.9091 euros)
(Reporting by Anirudh Saligrama in Bengaluru; Editing by Jan Harvey)
