Netflix's buyout offer receives support from Next Games board
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The board at Next Games is urging stakeholder acceptance of the cash tender offer from Netflix (NFLX
-2.1%) to take over the Finnish game developer.
A quorum comprising the non-conflicted directors was unanimous in recommending accepting the offer, for â¬2.10/share in cash - a â¬65 million proposal.
That price marks a premium of about 126% to Next Games' â¬0.93 share price on the last trading day before the offer was announced.
"The speed of consolidation in the games and entertainment industry is accelerating and the Board of Directors see a clear benefit for Next Games in joining forces with one of the largest entertainment companies in the world," says Next Games Chairman Petri Niemi. "In our view, Next Games will benefit from Netflixâs long-term expertise in the entertainment business and second-to-none technological and creative expertise as well as data-driven strategy. The Board of Directors sees that the offer presents a fair and attractive opportunity for Next Games and its shareholders.â
Completing the offer isn't expected to have immediate material effects on operations, but "as is customary, the Offeror intends to change the composition of the Board of Directors of Next Games after the completion of the Tender Offer."
Next also notes that major shareholders including Jari Ovaskainen and AMC Networks Ventures - collectively making up about 43.3% of shares and votes - have irrevocably undertaken to tender into the offer.
Next Games is known for a license to publish mobile games based on The Walking Dead television series.