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