Tencent Bids $148 Million for Online Games Maker Funcom
The board and management of Funcom unanimously supported the all-cash bid by Tencent.
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Highlights
- Tencent launched a NOK 1.33 billion bid for computer games maker Funcom
- Funcom supported the all-cash bid of NOK 17 per share
- Funcom is the developer of a range of computer games
Tencent announced last September it had taken a 29 percent stake in Funcom
China's Tencent Holdings launched a NOK 1.33 billion ($148 million) bid for computer games maker Funcom on Wednesday, sending the Oslo-listed firm's shares sharply higher.
The board and management of Funcom unanimously supported the all-cash bid of NOK 17 per share, a 27 percent premium to Tuesday's closing price of NOK 13.35, the companies said in a joint statement.
Funcom's shares were up 26.2 percent at NOK 16.85 by 0817 GMT.
Based in the Netherlands, Funcom is the developer of a range of computer games that are played online or on other platforms, including adaptations of the Conan the Barbarian franchise.
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Tencent, itself a major distributor of online games, announced last September it had taken a 29 percent stake in Funcom, making it the largest owner.
"Funcom has a strong track record in developing new titles with long lifespans," said Tencent Senior Vice-President Steven Ma.
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Funcom's management and staff will remain unchanged following the planned acquisition, the companies said.
© Thomson Reuters 2020
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