Sega to acquire Rovio Entertainment Corporation

Finnish mobile gaming company Rovio will become a member of the Japanese company Sega after shareholders tender 96.3% of all issued and outstanding Shares and votes in Rovio Entertainment Corporation, said Rovio in a release on Thursday.

In total, Rovio shareholders have tendered 73,397,174 shares, which amounts to 96.3% of all issued and outstanding Shares and votes in Rovio.

With the 90% threshold having been met, and having acquired the necessary regulatory approvals, this means that Rovio will become a member of the Sega Family upon completion of the offer, which is estimated to take place on August 17.

Sega Europe is commencing a “Subsequent Offer Period” to provide those shareholders of Rovio who have not yet accepted the offer with a further possibility to accept the offer. This will take place August 11-25.

In April, Rovio said that Sega Europe Limited announced a recommended cash offer to Rovio shareholders and option holders, and that shareholders holding approximately 49.1 percent of the outstanding shares and votes in Rovio, had agreed to accept the offer.

Sega Europe’s primary conditions for the completion of the offer included the offer being approved by the relevant regulatory bodies, and that Sega Europe would be able to acquire at least 90% of Rovio’s shares.