Sega Sammy Holdings Inc. of Japan announced on Monday that it intends to purchase Rovio Entertainment Oyj of Finland, the company behind the well-known mobile game Angry Birds, for $776 million (€706 million), in order to accelerate its growth in the rapidly increasing worldwide mobile gaming sector.
For each firm share, Sega Sammy will make an offer of €9.25, representing a 19% premium over Friday's closing price, in their tender offer bid, which is anticipated to go public around May 8.
Last week, The Wall Street Journal reported that a deal was nearly done for Sega Sammy to acquire the Finnish company for roughly $1 billion.
Shares of Sega Sammy, which publishes the "Sonic the Hedgehog" action game series, closed down 4.2% before the formal announcement in a broader market that was essentially unchanged.
Sega Sammy chief executive officer Haruki Satomi said in a statement, "In the rapidly growing global gaming market, the mobile gaming market has especially high potential, and it has been Sega's long-term goal to accelerate its expansion in this field. I feel blessed to be able to announce such a transaction with Rovio, a company that owns 'Angry Birds', which is loved across the world."
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