Unity Software’s board of directors rejected a $17.5 billion buyout offer from gaming developer AppLovin, instead recommending the company stick with its own planned acquisition of advertising technology player ironSource.
In a statement, Unity’s Software’s board argued AppLovin’s proposal [1] was not in the best interest of the company and shareholders should vote in favour of the previously announced ironSource transaction.
Unity Software, which has developed code for major gaming titles including Call of Duty Mobile and Pokemon Go, struck a deal to acquire AppLovin rival ironSource for $4.4 billion last month.
However, AppLovin attempted to scupper the deal by launching a takeover of Unity Software, with one of the terms requiring it to terminate the ironSource agreement.
Compelling
John Riccitiello, president and CEO at Unity Software, said its board continued to believe the ironSource transaction was “compelling and will deliver an opportunity to generate long-term value” through creating an end-to-end platform to develop and grow live games and real-time 3D content”.
“We remain committed to and enthusiastic about Unity’s agreement with ironSource and the substantial benefits it will create for our shareholders and Unity creators,” he added.
AppLovin had argued in its takeover bid that it was best placed to develop an end-to-end platform, as well as pointing to its larger scale and substantial infrastructure.
[1] https://www.mobileworldlive.com/apps/news-apps/applovin-launches-17-5b-bid-for-gaming-rival/
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