Blockbuster deal sends Zynga shares up 44% after take-two announces $12.7 billion take over by skleb1234
that it would acquire all outstanding shares of Zynga for $9.86 per share in a cash-and-stock deal, a more than 60% premium to Zynga’s closing price last Friday. Zynga, which was down 35% in 2021, is well-known for its popular mobile games including “Farmville,” “CSR Racing” and “Words With Friends.”
The blockbuster $12.7 billion is a logical move for Take-Two, which is looking to further build on its position in the fast-growing mobile gaming segment where outsize consumer spending is on the rise compared to console and computer games in recent years. jump more than $150 million on the news Monday, bringing his overall fortune to around $1.5 billion, according toThe deal, which will still need to gain regulatory and shareholder approvals, is expected to close by June 30, 2022.
. Take-Two also said that Zynga will help adapt several of its popular console game franchises for mobile. “This strategic combination brings together our best-in-class console and PC franchises, with a market-leading, diversified mobile publishing platform that has a rich history of innovation and creativity,” Take-Two CEO Strauss Zelnick said in a statement. He will remain head of the company once the two companies merge later this year.
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