AppLovin abandons attempt to buy Unity after $20 billion bid is rejected

The AppLovin logo is seen at the company’s booth the day before the China Digital Entertainment Expo & Conference (ChinaJoy) at the Shanghai New International Expo Center on August 1, 2019 in Shanghai, China.

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Game developer AppLovin indicates they are giving up the attempt to buy Unite.

After Unity shareholder waste $20 billion bid last month, AppLovin speak on Monday that it would not submit another proposal to acquire the video game software company.

“After careful consideration, AppLovin concluded that its path to independent market leadership would be better for shareholders and other stakeholders,” the company said.

At the beginning of August, AppLovin offered to buy Unity for $58.85 per share, about 18% higher than its previous closing price. Unity responded by saying that the deal was “not in the best interest of Unity shareholders.” Instead of accepting that offer, Unity recommends shareholders vote in favor of its own $4.4 billion proposal. purchase from mobile ad technology company IronSource, agreed in July.

With AppLovin’s proposal, Unity would have to waive the IronSource agreement. It will also make Unity CEO John Riccitiello the CEO of the combined company.

“We remain excited about the long-term growth potential of our core markets and AppLovin,” CEO Adam Forshhi said in the statement. “Our experienced and dedicated team will continue to focus on what we can control, including continuously improving our products and technologies and expanding into new markets. than have a high growth rate.”

CLOCK: AppLovin Proposal Couldn’t Be Better for Unity

Unity CEO says Applovin's proposal is unlikely to outperform IronSource

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