Playtika ends talks to buy Angry Birds

• Published date: 22 March 2023

In January Playtika, led by CEO Robert Antokol, submitted a non-binding proposal to buy the Finnish company for €690 million. Playtika had offered to buy Rovio shares for €9.05 each, a 60% premium on the then share price

Herzliya-based Playtika is traded on Nasdaq at a market cap of $4 billion, two years after its IPO at a company valuation of $11 billion. At the end of 2022 the company had $769 million cash in its coffers.

Playtika's revenue was $2.6 billion in 2022, up only 1.3% from 2021, compared with 8.9% revenue growth in 2021. In the fourth quarter revenue was $631 million, down 2.7% from the fourth quarter of 2021.

In 2022, private equity firm Joffre Capital...