The Japanese group Sega Sammy Holdings has made a takeover bid for 100% of the Finnish company Rovio, creator of the popular game Angry Birds, for 706 million euros. The tender offer includes a cash payment of €9.25 per Rovio share and €1.48 for rights holders. The price represents a 19% premium to the closing price of the Finnish company’s shares last Friday.
Rovio, which went public in 2017, had revenues of €317.7 million last year, with net profits of about €31 million. The offer has the backing of Rovio’s board of directors and a group of shareholders with approximately 49.1% of the company, who have irrevocably committed to accepting the offer.
Rovio CEO Alexandre Pelletier-Normand has stated that he is excited about the combined strengths of Rovio and Sega, and Haruki Satomi, president and CEO of Sega Sammy Holdings, has highlighted the growth potential of the mobile gaming segment. The period for joining the offer is expected to begin next May 8 and expire around July 3, 2023, with the offer expected to be completed during the third quarter of 2023, subject to receipt of the necessary approvals and the acceptance of more than 90% of the shares and votes in Rovio.