The deal has been announced and is going ahead, but there’s a lot that can change in that time. And as we well know from the ongoing saga of AquiBlizz, you’ll want to keep an eye out for any upcoming issues.
After rumours over the weekend, we finally got confirmation today that what will likely be one of 2023’s biggest deals is confirmed. But it’s not quite over yet… Here some key dates to keep an eye on to track the progress of the Sega and Rovio deal.
April 17: Rovio & Sega deal confirmed
After the story broke on April 13 via the Wall Street Journal (with rumours at the time pricing the deal at $1 billion) it was Monday 17 when the story was confirmed officially by both parties. Sega and Rovio are now working together to establish this deal, with Sega offering to purchase shares from existing holders.
May 5: Offer document published
May 5 will see the full offer document published, detailing everything we know now and likely more for the shareholders that Sega is hoping to snap up their shares from.
May 8: Offer period begins
From this point onwards until the offer period ends, Sega will be buying up shares for the previously stated price – all things going well. As needs to be stated, this is if no other issues arise.
July 3: Offer period ends
After this point, shareholders will no longer be able to secure the price Sega have offered. Leaving them to either hold on for a possible rise after the deal concludes or possibly lament not setting a reminder on their phones.
In the documentation published by Rovio and Sega however, it is noted that the latter’s offer is contingent on things all going well. “[Accepting the other requires conditions being met] 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.”
So essentially, the deal has to be approved by authorities and Sega has to get at least 90% of shareholders to free up their shares and votes in Rovio. Otherwise the deal may fall through or require reworking to ensure that all parties involved are satisfied. That being Sega, Rovio and the shareholders.
Fortunately Sega are almost halfway there, as Rovio have confirmed the holders of 41.9% of shares – Moor Holding AB, Brilliant Problems Oy, Adventurous Ideas Oy, Oy Impera Ab, Niklas Hed, Mert Can Kurum, Ilmarinen Mutual Pension Insurance Company and Veritas Pension Insurance Company Ltd. – have irrevocably accepted the offer.
As noted by CEO of Rovio, Alexander Pelletier-Normand, the deal is a massive one and likely to take some time to finalise. “Red and Sonic: two globally recognized and iconic characters made by two remarkably complementary companies, with a worldwide reach that spans mobile, PC/console, and beyond. Combining the strengths of Rovio and Sega presents an incredibly exciting future.”