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Sega Sammy announced it has commenced the voluntary recommended public cash offer to the shareholders of Angry Birds franchise creator Rovio Entertainment Corp.
Sega Sammy announced today that it has commenced the voluntary recommended public cash offer to the shareholders of Angry Birds franchise creator Rovio.
The €706.0m deal – which was announced last month – will see the Japanese gaming business acquire all outstanding shares and options in Rovio, at a price of €9.25 per share and €1.48 per option.
The offer period will begin 8 May and expire on 3 July 2023. Sega Sammy said the deal is currently expected to be completed during the third quarter of this year, but could be extended subject to the applicable law and regulations “in order to satisfy” the completion of the offer.
The business said it would announce via stock exchange releases any possible extension of the offer period “as soon as practically”.
The Finnish Financial Supervisory Authority has approved a Finnish language version of the tender offer.
The company said that it determined the price based on 76,179,063 shares and 742,300. If Rovio were to increase the number of shares with a dilutive effect, then Sega Sammy said it would reduce its offered price on a euro-for-euro basis.
Prior to the announced Sega Sammy acquisition deal, social media developer Playtika bid to purchase the business.
In January, the company announced that it had made an all cash offer to acquire the business at a price of €9.05 per share.
In March, Rovio said that it had exited the talks.
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