Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 20 (Xinhua)-- Playtika Holding Corp on Thursday raised its bid for Finnish game developer Rovio, known for its Angry Birds series, to 683 million euros (currently about 4.993 billion yuan, $737.5 million), Reuters reported. The pace of consolidation in the industry is accelerating.

Tuyuan Pixabay's offer values Rovio at 9.05 euros per share, about 60 per cent higher than the company's closing price on January 19. This is also about 40 million euros (currently about 292 million yuan) higher than the previously undisclosed offer made by Israel's Playtika in November last year.

Rovio, based in Espoo, Finland, declined to comment. Before the offer was made public, its shares fell 2.5 per cent to $5.67 on the Finnish Stock Exchange, while Playtika fell 2.6 per cent in US trading.

Rovio has had a tumultuous journey since it went public at $11.50 in September 2017, and despite its efforts to diversify through acquisitions such as Turkish Ruby Games in 2021, the company still relies too heavily on the Angry Birds series for growth.

After a two-year epidemic-driven gaming boom, the developer is also mired in a broader industry slowdown, particularly in the mobile market.

Global mobile game revenue fell by more than 6 per cent to $92.2 billion in 2022, according to estimates by game analytics firm NewZoo.

The offer for Rovio is the latest sign of consolidation in the industry, with Microsoft buying Activision Blizzard for $69 billion and Sony Interactive Entertainment buying former Halo game developer Bungie Inc for $3.6 billion.

Playtika, a developer of casino games and poker and solitaire applications, said last month it would cut 15 per cent of its workforce. The value of the company's shares halved last year and is also integrating studios.

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