Rovio's talks on potential takeover bid could bring rival offers, analysts say

Playtika Holding

06/02/2023 11:32

(Adds analyst comments)
    ** Shares in Rovio Entertainment  ROVIO.HE  jump 13% after
the Angry Birds maker began preliminary non-binding talks with
certain parties, including Playtika Holding Corp  8II.F ,
 PLTK.O , regarding a potential tender offer
    ** Israeli gaming firm Playtika on Jan. 19 made a
non-binding indicative proposal to acquire all issued and
outstanding shares of Rovio for EUR 9.05 per share
    ** Nordea analysts say Rovio's statement confirms the board
is open for an acquisition and the broker now sees a higher
likelihood for competing bids, but sees a sale to Playtika as
unlikely
    ** Nordea says potentially interested parties aside from
Playtika could include, but not be limited to, EA, Take-Two,
Sony, Netflix or Disney
    ** Inderes says it does not believe Playtika's offer is
sufficient, but a higher offer from another buyer like Disney or
Netflix "could be difficult to ignore"
    ** The Rovio shares saw their best daily increase ever
following Playtika's offer, closing 35% up on Jan. 20
 (Reporting by Louise Breusch Rasmussen)
 ((Louisebreusch.rasmussen@tr.com))