Rovio Turns Down Playtika’s Acquisition Bid

Playtika, an Israel-based digital entertainment company that develops and publishes mobile games and gambling titles, has wrapped up the negotiations for the acquisition of Rovio. While the latter company, best known for its Angry Birds franchise, will not go through with the deal, it will continue the negotiations with other parties.

This news comes in the wake of Playtika’s bid on the Finnish game developer. In January, the Israeli company increased the proposed price of the deal, offering to acquire Rovio for $9.84 per share for a total of around $742 million.

Several weeks following this proposal, Rovio ended a strategic review and commenced preliminary non-binding discussions with potential buyers. At the end of the day, Rovio turned down Playtika’s deal, although it will continue to negotiate a potential sale with other companies, the Finnish developer announced. According to the company, talks still continue.

Rovio to Continue Negotiations with Other Parties

Rovio released a statement on the matter, saying that it is continuing its strategic review, which includes discussions with other potential buyers. The company emphasized that it is seeking to reach the best possible outcome for the company and its shareholders. Rovio did not specify why the talks with Playtika have failed.

The Angry Birds developer noted that the discussions are still non-binding and that it cannot say with certainty whether they will end with a definitive sale offer. It promised to release more details about buyers, offers and potential agreements “at an appropriate time.”

Rovio’s Angry Birds continues to be one of the most influential mobile gaming franchises to this day. The original game was released in 2009 and has grown into a global phenomenon with a variety of sequels, spin-offs and even movies.

Playtika Introduced Changes to Its Team

In other news, Playtika recently expanded its leadership with two new members. The company was joined by Gili Brudno and Darlan Monterisi who will be serving as its new chief human resources officer and global head of communications respectively.

Both new members are experienced in their respective fields and will help Playtika in its ambitious growth plans. They were welcomed by Shlomi Aizenberg, Playtika’s COO, who praised them for their strengths.

The new additions followed a wave of layoffs, which saw the company reduce its headcount by 12-15% in December. This was not the only time in 2022 the company reduced its team either as in June it bid goodbye to around 6% of its workforce.