China’s Tencent Holdings launched a NOK 1.33 billion ($148 million) bid for laptop video games maker Funcom on Wednesday, sending the Oslo-listed agency’s shares sharply larger.
The board and administration of Funcom unanimously supported the all-cash bid of NOK 17 per share, a 27 p.c premium to Tuesday’s closing value of NOK 13.35, the businesses stated in a joint assertion.
Funcom’s shares had been up 26.2 p.c at NOK 16.85 by 0817 GMT.
Based within the Netherlands, Funcom is the developer of a spread of laptop video games which can be performed on-line or on different platforms, together with diversifications of the Conan the Barbarian franchise.
Tencent, itself a serious distributor of on-line video games, introduced final September it had taken a 29 p.c stake in Funcom, making it the most important proprietor.
“Funcom has a robust monitor report in growing new titles with lengthy lifespans,” stated Tencent Senior Vice-President Steven Ma.
Funcom’s administration and employees will stay unchanged following the deliberate acquisition, the businesses stated.
© Thomson Reuters 2020