Mobile advertising startup AppLovin has abandoned its efforts to acquire fellow mobile ad network UnityAds, having been rebuffed by Unity’s board in an earlier $20 billion offer, according to sources familiar with the deal. In response to the bid, Unity’s board countered that it would be willing to sell itself for $25 billion, but ultimately called AppLovin’s bluff when the latter failed to raise more money to match the new asking price.
App maker for games AppLovin
stated it was giving up on trying to purchase Unity.
AppLovin announced on Monday that it will not make another acquisition attempt for Unity after the $20 billion offer was rejected by shareholders last month.
According to the business, after giving the matter due thought, “AppLovin judged that its path as the independent market leader is best for its investors and other stakeholders.”
According to the business, “AppLovin determined that its route as the independent market leader is best for its investors and other stakeholders” after giving the matter serious thought..
Early in August, AppLovin made a purchase offer for Unity at a price of $58.85 per share, a premium of roughly 18% over the previous day’s closing price. Instead of accepting that offer, Unity advised shareholders to approve its own $4.4 billion proposed acquisition of mobile advertising technology company IronSource, which was agreed upon in July. Unity replied by claiming the agreement was “not in the best interests of Unity shareholders.”
Unity would have had to renounce the IronSource agreement had AppLovin’s request been accepted. John Riccitiello, the CEO of Unity, would have been the head of the united business.
CEO Adam Foroughi stated in the statement, “We remain enthusiastic about the long-term development prospects of our core markets and AppLovin.” “Our seasoned and committed staff will keep concentrating on what we can control, including ongoing technological and product upgrades and growing into new, high-growth industries.” CEO said in the statement, We are still optimistic about the long-term development opportunities of our core markets and AppLovin.
CEO said in the statement, Our skilled and dedicated staff will continue focusing on what we can control, including constant technological and product upgrades and expanding into new high growth industries.