Sega Sammy said it had extended the deadline because certain conditions had not been fulfilled. For deals of this nature to close, businesses must obtain certain regulatory approvals by competition authorities or regulatory authorities.
While the company said some regulatory approvals had been granted – such as that from the United States’ competition authority – approval processes from competition authorities are still in progress.
Due to this the deadline was extended to August.
Sega Sammy noted that other potential extensions are available. However, it added that the offer is still expected to be completed in Q2 2024.
The completion of the deal will see Sega Sammy purchase all outstanding shares and options from Rovio. This will be at €9.25 per share and €1.48 per option.
When the deal was first announced, Haruki Satomi, president and group chief executive of Sega Sammy, said that acquiring Rovio would be beneficial due to Rovio’s assets.
“I feel blessed to be able to announce such a transaction with Rovio, the company that owns Angry Birds, which is loved across the world, and home to many skilled employees that support the company’s industry leading mobile game development and operating capabilities,” he said.
Prior to Sega Sammy’s offer, in January, Playtika submitted a bid to acquire Rovio for €9.05 per share. Playtika exited these talks in March.