Rovio Could Become Subject of Bidding War -- Market Talk

Dow Jones2023-01-20

1236 GMT - Rovio could now become the subject of a bidding war, Berenberg analysts Edward James and Benjamin May say in a note. Playtika's EUR9.05 a share offer for Rovio doesn't fully value the company's strategic brand intellectual property, and Berenberg thinks other names could now come in with higher offers. Berenberg thinks the most obvious candidates are Playrix, Scopely, Zynga, Electronic Arts, Tencent, NetEase, and possibly private investment vehicles like the Saudi Public Investment Fund. "In the aftermath of Apple's App Tracking Transparency framework, which has fundamentally impaired the mobile user acquisition landscape, we believe that brand intellectual property and scale have become strategically crucial for success--Rovio has both." Berenberg lifts its target price on the stock to EUR10 from EUR8. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

January 20, 2023 07:36 ET (12:36 GMT)

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