Playtika and Rovio have each announced that buyout discussions have ended.
Playtika made a public approach to buy Rovio on January 19, and the two have been in discussions ever since. It was the second offer Playtika had made to buy the company, after an initial private approach in late 2022.
Rovio then announced it was talking Playtika and other suitors around a deal, and today confirmed that thought the Playtika deal is dead, its strategic review will continue.
Rovio said today: “The board of directors of Rovio confirms that the preliminary discussions with Playtika in connection with Rovio’s strategic review have now ended.”
“The Board of Directors of Rovio continues its strategic review, including preliminary non-binding discussions with certain other parties, 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 had a slightly blunter statement: “Preliminary discussions between Rovio and Playtika have now ended.”
As we reported back in February, the prospect of a Playtika takeover has not been well received by Rovio staff.