Voluntary recommended public cash offer by Sega Europe Limited for all of the issued and outstanding shares and options in Rovio Entertainment Corporation

Sega Europe Limited (“Sega Europe” or the “Offeror”) offers to acquire all of the issued and outstanding shares in Rovio Entertainment Corporation (the “Company” or “Rovio”) that are not held by Rovio or any of its subsidiaries (the “Shares”) and all of the issued and outstanding options under the Company’s Stock Options 2022A plan (the “Options”) (the “Offer”).

The shareholders of Rovio are offered EUR 9.25 in cash for each validly tendered Share (the “Share Offer Price”) and the option holders of Rovio are offered EUR 1.48 in cash for each validly tendered Option (the “Option Offer Price”). The total value of the Offer amounts to approximately EUR 706 million.

The Board of Directors of Rovio, represented by a quorum comprising all members of the Board of Directors, has unanimously agreed to recommend that the shareholders and the option holders of Rovio accept the Offer.

Major shareholders in Rovio, who in aggregate hold approximately 49.1 percent of the outstanding Shares and votes in Rovio, have irrevocably undertaken to accept the Offer, subject to certain customary conditions.

Important dates

  • 8 May 2023: Offer Period commenced
  • 7 August 2023: Extended Offer Period expires (unless extended or discontinued)
  • On or about 8 August 2023 (preliminary): Announcement of the preliminary result of the Offer
  • On or about 10 August 2023 (preliminary): Announcement of the final result of the Offer
  • On or about 17 August 2023 (preliminary): Payment of the Share Offer Price and the Option Offer Price

Offer price

The Share Offer Price is EUR 9.25 in cash for each Share validly tendered in the Offer, subject to any adjustments as set out in the full terms and conditions of the Offer.
The Share Offer Price represents a premium of approximately:

  • 63.1 percent compared to the closing price of EUR 5.67 for Rovio’s share on Nasdaq Helsinki Ltd on January 19, 2023, i.e. the last day of trading prior to the announcement by a certain third party regarding its non-binding indicative proposal to acquire all issued and outstanding shares of Rovio;
  • 55.2 percent compared to the volume-weighted average trading price of EUR 5.96 for Rovio’s share on Nasdaq Helsinki during the last three-months before January 19, 2023;
  • 19.0 percent compared to the closing price of EUR 7.78 for Rovio’s share on Nasdaq Helsinki on April 14, 2023, being the last day of trading before the announcement of the Offer; and
  • compared to the volume-weighted average trading price of EUR 7.87 for Rovio’s share on Nasdaq Helsinki during the last three-months before the announcement of the Offer.

Offer period

The Offer Period for the Offer commenced on May 8, 2023, at 9:30 a.m. (Finnish time) and expires on August 7, 2023, at 4:00 p.m. (Finnish time), unless the Offer Period is extended further, or any extended Offer Period discontinued as described in the full terms and conditions of the Offer. The Offer is currently expected to be completed during the third quarter of 2023.


Conditions for the Offer

The completion of the Offer is subject to the satisfaction or waiver by the Offeror of certain customary conditions on or prior to the Offeror’s announcement of the final results of the Offer, including, among others, that approvals by all necessary regulatory authorities have been received and the Offeror having achieved acceptances in respect of more than 90 percent of the Shares and votes in Rovio on a fully diluted basis.


Acceptance procedure in short
Most Finnish account operators are expected to send a notice regarding the Offer and related instructions and an acceptance form to their customers who are registered as shareholders in the shareholders’ register of Rovio maintained by Euroclear Finland.

Shareholders of Rovio who do not receive such instructions or an acceptance form from their account operator or asset manager should first contact their account operator or asset manager and can subsequently contact Danske Bank A/S, Finland Branch by sending an email to rovio-offer@danskebank.com.


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