Berenberg says counter bid for Rovio likely

Playtika Holding

20/01/2023 06:59

** Berenberg says it believes a counter bid to Playtika's
 PLTK.O  sweetened offer for the "Angry Birds" game maker Rovio
 ROVIO.HE  is likely
    ** Playtika on Thursday raised its offer for the Finnish
firm to 683 million euros ($739.42 million), about 40 million
euros above a previously undisclosed offer it made in November
    ** Berenberg says the 9.05 euros/share offer is "adequate"
but does not fully value Rovio 
    ** The broker notes Rovio is one of very few independent
mobile game assets under 1 billion euros valuation that has
highly strategic IP
    ** "Given the rush to gain scale and IP brands by mobile
publishers, mainly to mitigate the negative impact of (Apple's
App Tracking Transparency) ATT, we think that a counter bid is
possible," it says
    ** It ups its target price on Rovio by 25% to 10 euros to
add a bid premium, keeping its "buy" rating on the stock
($1 = 0.9237 euros)
 (Reporting by Anna Pruchnicka)
 ((anna.pruchnika@tr.com))