Tencent Bids $148 Million for Online Games Maker Funcom

The board and management of Funcom unanimously supported the all-cash bid by Tencent.

Share on Facebook Tweet Snapchat Share Reddit Comment
Tencent Bids $148 Million for Online Games Maker Funcom

Tencent announced last September it had taken a 29 percent stake in Funcom

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

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.

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.

Funcom's management and staff will remain unchanged following the planned acquisition, the companies said.

© Thomson Reuters 2020

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Tencent, Funcom
Swiggy Admits Differences Between Online Food, Restaurant Rates in Some Cases

Related Stories

 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2020. All rights reserved.
Listen to the latest songs, only on JioSaavn.com