Tencent Bids $148 Million for Online Games Maker Funcom-TechWeu

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China’s Tencent Holdings launched a NOK 1.33 billion ($148 million) bid for computer game titles maker Funcom on Wednesday, sending the Oslo-shown firm’s shares sharply higher.

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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 selling price of NOK 13.35, the corporations stated in a joint statement.

Funcom’s shares were being up 26.2 percent at NOK 16.85 by 0817 GMT.

Based mostly in the Netherlands, Funcom is the developer of a array of laptop video games that are played on the web or on other platforms, such as adaptations of the Conan the Barbarian franchise.

Tencent, by itself a major distributor of on the web game titles, declared final September it experienced taken a 29 percent stake in Funcom, generating it the major proprietor.

“Funcom has a sturdy track history in producing new titles with prolonged lifespans,” explained Tencent Senior Vice-President Steven Ma.

Funcom’s administration and workers will keep on being unchanged subsequent the prepared acquisition, the organizations explained.

© Thomson Reuters 2020

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