The Japanese concern Sega Sammy Holdings, owner of the popular Sonic Hedgehog, has made an offer to buy 100 percent of the capital of the Finnish study Rovio, creator of Angry Birds, for 706 million euros, the companies announced. The takeover offer (takeover offer) submitted via Sega Europe Limited provides for a cash payment of EUR 9.25 per Rovio share and EUR 1.48 for the rights holders. Compared to last Friday’s closing price of Finn shares, the price represents a premium of 19%.
Following the global success of Angry Birds in the early 2010s, mobile games specialist Rovio’s growth has stalled due to its reliance on that license and lack of new products. The group, which went public in 2017, had sales of 317.7 million euros (about 348 million US dollars) and net income of about 31 million euros (34 million US dollars) last year.
Sega’s offer has the unanimous support of Rovio’s board of directors, which recommends that the company’s shareholders and option holders accept the offer. In addition, a group of Rovio shareholders with a stake of approximately 49.1% in the company have irrevocably committed to accept the offer.
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“I grew up with Sonic the Hedgehog, fascinated by its cutting-edge design. Later, when I first played Angry Birds, I knew the games had become a truly mainstream phenomenon, with the power to shape modern culture,” said Alexandre Pelletier-Normand, CEO of Rovio. “Combining the strengths of Rovio and Sega represents an incredibly exciting future,” he added.
Haruki Satomi, President and CEO of Sega Sammy Holdings, highlighted the particularly high growth potential of the mobile games segment: “I am convinced that the combination of brands, characters, the fan base as well as the corporate culture and functionality of both companies will lead to significant future growth synergies created.”
The offer period is expected to begin on or about May 8 and end on or about July 3, 2023, unless the bidder extends the offer period to satisfy the conditions. The offering is expected to close in the third quarter of 2023 more than 90% of the shares and votes in Rovio.
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