“Angry Birds” may finally have found right nest

Reuters

“Angry Birds” may finally have found right nest

2023 4월 17, 오후 12:07 GMT

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The author is a Reuters Breakingviews columnist. The opinions expressed are their own. Refiles to add stock symbol and graphic.

LONDON, April 17 (Reuters Breakingviews) -The winning trick of “Angry Birds” is to fire your slingshot at just the right angle to knock out the squadrons of enemy green pigs attempting to steal the birds’ eggs. Japanese gaming company Sega Sammy 6460.T may have found that position. On Monday, Sega agreed to pay about 700 million euros in cash for Rovio Entertainment ROVIO.HE, the maker of the “Angry Birds” franchise. The 9.25 offer price is a 63% premium to the closing price of Jan. 19, when rival suitor Playtika 8II.F made a previous approach. Unlike the hesitance to play ball back then, the Rovio board has recommended Sega’s offer to shareholders. Half the investors have preliminarily accepted the deal, and Rovio shares are near the offer price.

Sega’s offer doesn’t definitely mean game over. It’s just 2% above Playtika’s last bid and below Rovio’s 11.50 euro initial public offering in 2017. But it still values Rovio including net cash at 11 times this year’s EBITDA, nearly double the average of European peers Stillfront SFRG.ST, MTG MTGb.ST and Ubisoft UBIP.PA. And Rovio’s revenue barely grew in the past few years, while its EBITDA margin has consistently lagged more diversified rivals such as Stillfront. While Sega hasn’t given any number on synergies, its Asian customer base and blockbuster “Sonic” gaming franchise probably make it a more appealing partner. Add in the wider slowdown of the mobile gaming industry – Newzoo estimated consumer spending in the industry fell 6.4% last year – and Rovio investors may decide they like this bird in the hand. (By Karen Kwok)

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Editing by George Hay and Streisand Neto

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