The Japanese video game company Sega has launched an offer of 700 million euros -776 million dollars- to buy the Finnish Rovio, creator of Angry Birds and which has offices in Barcelona.
The Japanese company offers 9.25 euros per share, with a premium of close to 19% over the closing price on Friday. The offer has triggered the price of Rovio in a similar figure, up to 9.15 euros, still somewhat below what was offered. Sega titles, for their part, fell 4.2% in Tokyo due to investor doubts about the impact of the operation.
The company’s board of directors has unanimously recommended that shareholders accept the offer, which is already supported by 49% of shareholders. Support includes the Hed family, founder of Rovio.
At the end of March Rovio concluded the negotiations with the Israeli Playtika, which offered some 730 million euros to acquire it, something above Sega’s new offer. The company reported that it was still negotiating with other interested parties. The Japanese company is interested in its activity since it is redoubling its commitment to consoles and mobile gaming while its traditional business, that of pachinko arcade machines and arcades, languishes and has suffered a severe blow with the covid. Among its most outstanding titles Sega has Sonic, Crazy Taxi and Yakuza.
“The mobile gaming market has especially high potential and Sega’s long-term goal is to accelerate its expansion into it,” Sega CEO Haruki Satomi said in a statement. Revenue from Rovio, which released Angry Birds in in 2009, they depend on 80% of the mobile business.
After an overwhelming success, being the first game for phones to reach 1,000 million downloads, the dependence on Angry Birds worries investors. With a series on Netflix and a couple of movies, the saga also brings income through the sale of merchandising. On the sidelines, Rovio has 50 other games that have failed to replicate the success.
