Rovio Entertainment Corp.: Rovio Entertainment Corporation confirms receipt of a non-binding indicative proposal from Playtika Holding Corp.
Stock Exchange Release Rovio Entertainment Corporation 20 January 2023, at 9:00 a.m. EET
RovioEntertainment Corporation confirms receipt of a non-binding indicative proposal from Playtika Holding Corp.
The Board of Directors of Rovio Entertainment Corporation (“Rovio”) notes the announcement yesterday by Playtika Holding Corp. (“Playtika”) regarding its non-binding indicative proposal to acquire all issued and outstanding shares of Rovio at a proposed price of EUR 9.05 per share (the “Indicative Proposal”), corresponding to a premium of approximately 60% to the closing price of Rovio share on Nasdaq Helsinki on 19 January 2023.
The Indicative Proposal submitted to the Board of Rovio by Playtika at 6:31 p.m. yesterday has not previously been presented to the Board, Playtika's announcement regarding its Indicative Proposal was made public nearly simultaneously with its submission to the Board, and Playtika's announcement has not been co-ordinated with the Board of Rovio in any manner.
The Indicative Proposal that contemplates the making of a cash tender offer by Playtika is subject to a number of pre-conditions including, but not limited to, satisfactory completion of due diligence, final approval from Playtika’s Board of Directors, a unanimous and unqualified recommendation from the Board of Rovio as well as negotiation and entry into a combination agreement between Rovio and Playtika. Completion of any such cash tender offer would pursuant to the Indicative Proposal be subject to further conditions, including, but not limited to, approval by Rovio shareholders holding at least 90% of the shares of Rovio, and receipt of all necessary regulatory approvals.
At this time, Rovio is not engaged in any negotiations with Playtika. The Board of Rovio is evaluating the Indicative Proposal and will determine whether and how to proceed with it.
Rovio will release further information at an appropriate time. There can be no assurance that the Indicative Proposal will result in any cash tender offer or any other transaction.
Rovio Entertainment Corporation
The 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-first games company that creates, develops and publishes mobile games, which have been downloaded over 5 billion times. Rovio is best known for the global Angry Birds brand, which started as a popular mobile game in 2009, and has since evolved from games to various entertainment, animations and consumer products in brand licensing. Rovio has produced The Angry Birds Movie (2016), and its sequel, The Angry Birds Movie 2 was released in 2019. The company offers multiple 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 of the employees are based in Finland where Rovio is headquartered. The company’s shares are listed on the main list of NASDAQ Helsinki stock exchange with the trading code ROVIO. (www.rovio.com)
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