AppLovin abandons effort to acquire Unity after $20 billion bid was rejected

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  • AppLovin said it is trying to pursue a deal to buy Unity.
  • The company said on Monday it would not file any new proposals after its $20 billion bid was rejected last month.
  • Applovin said the merger will help it fight market adversities.

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Game developer AppLovin said it was abandoning its attempt to buy Unity.

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After Unity Shareholders denied AppLovin bid $20 billion last month Told on Monday that it would not submit another offer to acquire the video game software company.

“After careful consideration, AppLovin has concluded that its path as an independent market leader is better for its shareholders and other stakeholders,” the company said.

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In early August, AppLovin offered to buy Unity for $58.85 per share, a nearly 18% premium to the previous closing price. Unity responded that the deal was “not in the best interest of Unity shareholders.” Rather than take that offer, Unity recommended that shareholders vote in favor of its $4.4 billion proposed acquisition of mobile advertising technology firm IronSource, which was agreed in July.

With Applowin’s offer, Unity will have to drop the Ironsource deal. It would also have made Unity CEO John Riccitello as CEO of the combined company.

“We are excited about our core markets and AppLovin’s long-term growth potential,” CEO Adam Forofi said in the statement. “Our experienced and dedicated team will continue to focus on what we can control, including continual improvement of our products and technology and expansion into new high-growth markets.”

watch: AppLovin offer was unlikely to be better for Unity

Credit: www.cnbc.com /

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