Rovio soars on Playtika's sweetened bid, still below offer price

Playtika Holding

20/01/2023 08:48

** Shares in Rovio  ROVIO.HE  jump more than 40% to around 8
euros, on track for their best day ever, after the Finnish game
maker said it was considering the sweetened takeover bid from
Israel's Playtika  PLTK.O 
    ** Meanwhile, the bid comes in at 9.05 euros per share,
representing a 60% premium to the closing price on Jan. 19 
    ** Inderes analysts say the bid "does not look particularly
attractive" in the light of Rovio's latest growth investments
and current development pipeline
    ** "If these growth investments are successful, Rovio's
revenues and earnings also have the potential to significantly
exceed our current forecasts," Finland-based Inderes says
    ** "Playtika's reputation among Finnish game studios is, as
far as we understand it, rather poor at the moment," Inderes
adds, pointing to its 2021 acquisition of another Finnish
company, Seriously, which after the takeover moved its games
operations to Israel and Poland
    ** Berenberg says it believes a higher offer for the Angry
Birds game maker is likely, while analysts at Finnish OP Markets
find it unlikely the offer will go through in its current form
    ** Rovio says it is not currently in negotiations with
Playtika
 (Reporting by Agata Rybska)
 ((agata.rybska@thomsonreuters))