Rovio has confirmed it is in early discussions with more than one suitor after Playtika’s unsolicited takeover bid.
In a short statement issued to investors, the Angry Birds maker said that it has begun “preliminary non-binding discussions with certain parties” around a potential buyout.
This includes Playtika – which has publicly offered to buy the company for a proposed €9.05 per share – but it also includes other companies who have offered “expressions of interest”.
Rovio added that the discussions would continue until the best outcome is agreed upon for the company and its shareholders, and that there is no guarantee that the discussions will actually result in a sale.
The statement in full reads:
“Rovio Entertainment Corporation announces commencement of a strategic review and preliminary non-binding discussions with certain parties in relation to a potential tender offer for Rovio’s shares
Following receipt by Rovio Entertainment Corporation (“Rovio”) of expressions of interest and indicative non-binding proposals to acquire all the issued and outstanding shares in Rovio, the Board of Directors of Rovio has decided to commence a strategic review.
As part of its strategic review, the Board has decided to enter into preliminary non-binding discussions with certain parties, including Playtika Holding Corp., who on 19 January 2023 announced a non-binding indicative proposal to acquire all issued and outstanding shares of Rovio at a proposed price of EUR 9.05 per share. Pursuant to its fiduciary duties, the Board of Rovio continues to explore all strategic alternatives in order to reach the best possible outcome for Rovio and its shareholders.
There can be no assurance that the strategic review and the preliminary non-binding discussions will result in any cash or other tender offer or any other transaction, or the pricing of any such possible transaction. Rovio will release further information at an appropriate time.”
Playtika went public with its unsolicited bid for Rovio a couple of weeks ago, an all cash proposal of €9.05 per share, a 55% premium over Rovio’s closing share price on January 18. That offer values Rovio at a little over €750m, or $812m. Playtika said that was its second bid for the Angry Birds maker, having previously offered to buy Rovio privately in November 2022, for €8.50 per share.