Video Game Maker Keywords Studios Soars After EQT Takeover Talks
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KEY TAKEAWAYSVideo game maker Keywords Studios said it was "in advanced discussions" to be acquired by private equity firm EQT for 25.50 British pounds per share.Keywords Studios shares surged 60% in London trading following the news.The possible offer is about 73% over Keywords' closing share price on Friday.
London-listed Keywords Studios surged 60% in intraday trading Monday after the video game maker said it was "in advanced discussions" to be acquired by private equity firm EQT for 25.50 British pounds per share.The potential takeover would value the company at GBP2.03 billion ($2.58 billion), according to The Wall Street Journal, and would mark the latest loss to the London Stock Exchange of a key company. British chip designer Arm Holdings (ARM) left the London bourse and began trading on the Nasdaq last September, and its American depositary receipts (ADRs) have nearly doubled since.EQT Had Made Several Previous ProposalsThis follows "four previous unsolicited proposals from EQT in recent months, which the Board rejected, and represents a significant increase from the initial proposal," Keywords Studios said.The possible offer translates to a premium of 73% over Keywords' closing share price of GBP14.70 on Friday.Keywords said its board would recommend the EQT bid if a firm offer is announced. Under British law, EQT has until June 15 to either make a firm offer or walk away, the statement said. Read the original article on Investopedia.
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