The Sega Sammy announcement said Rovio’s board of directors supported the tender offer, making the acquisition a friendly takeover
“Combining the strengths of Rovio and Sega presents an incredibly exciting future,” Rovio CEO Alexandre Pelletier-Normand said in the same written announcement.
Sega Sammy shares, however, fell 4.2 per cent on the day prior to the tender offer announcement but after it said it was considering acquiring Rovio, amid investor doubts about synergy prospects. “‘Angry Birds’ is known everywhere in the world. But the brand is already past its peak,” said Serkan Toto, founder of the Kantan Games consultancy.Based on Rovio’s short-term earnings prospects, the offer was good for shareholders of the Finnish group even though it ascribed limited value to the company’s pipeline of new games, Inderes analyst Atte Riikola said.
“There is considerable uncertainty at this point regarding the success of future games … all in all, I think the bid is good and Rovio’s shareholders will be happy to accept it,” he said. Rovio received a €683-million takeover bid in January from Israeli peer Playtika Holding Corp, but the talks were called off last month.
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