Mobile app technology and game software company AppLovin has withdrawn its offer to Unity. AppLovin made an offer last month to completely acquire video game software maker Unity. This buyout offer came after Unity’s merger with ironSource, which was to be made at $58.85 per share, all in stock deals, but Unity publicly rejected this offer.
In the statement made by AppLovin, the following words were included:
“AppLovin saw potential in combining its profitable business model and machine-learning capabilities with Unity’s Create platform. The opportunity was even more interesting given the market headwinds facing the industry,”
“Following careful consideration, AppLovin concluded that its path as the independent market leader is better for its stockholders and other stakeholders. AppLovin will move forward with the intention of continuing to gain market share and expand its platform.”
Unity showed a surprising performance with its financial results announced in the year’s second quarter. Unity posted a 9% year-over-year increase in revenues as many companies reported losses or even drifted to the brink of bankruptcy. Although this is not the company’s best performance, such healthy growth reveals its strength.
Believing that merging with ironSource was a better deal, Unity had no hesitation in rejecting the $20 billion offer. Both companies aim to close this deal in the fourth quarter.
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