Playtika Holding Corp. sweetened its all-cash offer for “Angry Birds” publisher Rovio Entertainment Corp. by a little more than 6% on Thursday.
Coincidentally, Playtika PLTK shares fell as much as 6% to an intraday low of $9 a share, and were last down 2.7%. Rovio ROVIO shares closed down 2.5% at 5.67 euros a share in Helsinki about an hour before Playtika made the announcement. Meanwhile, the S&P 500 index SPX declined 0.7%, and the tech-heavy Nasdaq Composite Index COMP was down 1%.
“We firmly believe the combination of Rovio’s renowned IP and scale of its user base, together with our best-in-class monetization and game operations capabilities, will create tremendous value for our shareholders,” said Robert Antokol, Playtika chief executive, in a statement.Analysts surveyed by FactSet expect Rovio to report 2022 sales of $319.6 million euro, up from the previous year’s $286.
The mobile gaming and monetization sector has become active lately with AppLovin Corp. APP giving up its quest to merge with Unity Software Inc. U . Recently, one analyst downgraded Applovin and Unity because he expected headwinds in the mobile game space to last for another two years.
Source: Entertainment Trends (entertainmenttrends.net)
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