Playtika leaps after saying it's exploring strategic alternatives, including a sale

Playtika Holding

25/02/2022 13:38

** U.S.-listed shares of Playtika  PLTK.O  rallying 12.4% to
$20.25 premarket after Israeli mobile videogame firm said it's
exploring strategic options
    ** PLTK said late Thurs it has retained The Raine Group as
financial advisor to assist with strategic review process, which
could include a sale or other possible transactions  urn:newsml:reuters.com:*:nPnMDwFCa
    ** "The goal of the strategic evaluation process we are
announcing today is to ensure we are taking every step possible
to maximize value for our stockholders," Chairman and CEO Robert
Antokol said in statement
    ** Co also reported Q4 rev rose to $649 mln from $563.5 mln
in yr-ago qtr, topping consensus view of $637 mln, per Refinitiv
IBES data
    ** PLTK debuted on the Nasdaq in Jan 2021 after IPO priced
at $27 and shares notched record high close of $34.28 nearly a
month later, but they have fallen ~44% over the past year
    ** Last month, PLTK's largest shareholder said it was
contemplating selling 15%-25% of co's total outstanding shares
 urn:newsml:reuters.com:*:nL4N2U42TS
    ** M&A activity in the videogame industry has accelerated
recently. Last month, Microsoft  MSFT.O  said it would acquire
Activision Blizzard  ATVI.O  for nearly $70 bln a week after
Take-Two Interactive's  TTWO.O  announced plans to buy Zynga
 ZNGA.O  for $11 bln  urn:newsml:reuters.com:*:nL4N2TY36A
    ** Also last month, Sony's  6758.T  videogame unit said it
would buy Bungie Inc in $3.6 bln deal  urn:newsml:reuters.com:*:nL4N2UB36F

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))