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AppLovin Corporation, a mobile technology company, headquartered in Palo Alto, California, has formally withdrawn its merger and acquisition (M&A) offer after Unity Software Inc. turned down its $20 billion bid last month.
AppLovin will not be submitting any new offer as it gives up the effort to buy the software firm. This comes after Unity Software rejected its multi-billion offer. The decision to pull out was confirmed by AppLovin on Monday, Sept. 12.
The video game software development company based in San Francisco reasoned that the mobile tech firm’s bid was declined because the offer was not in the shareholders’ best interest. Now that AppLovin said that it would not submit a new proposal, the Israeli software company, IronSource, is expected to proceed with a deal with Unity Software.
It was in early August when AppLovin proposed to acquire Unity Software for $58.85 per share, and this was a premium of around 18% to the prior closing price. In response, the latter suggested the shareholders are not interested.
As per CNBC, rather than accepting the bid, Unity Software recommended for the shareholders to vote in favor of the $4.4 billion acquisition proposal submitted by IronSource mobile advertising tech firm. It was the company that suggested the amount that was reportedly agreed upon in July.
AppLovin said it saw a great opportunity if it merged with Unity, but after the rejection, it now thinks that staying independent could actually be better for its stockholders. It has decided to just focus on expanding its own platform and gaining a bigger market share.
In any case, if the acquisition deal proceeded and AppLovin’s proposal was accepted, Unity would be forced to ditch its deal with IronSource. It is also likely that the latter’s chief executive officer, John Riccitiello, would have been named the chief of the merged company.
“Our experienced and dedicated team will continue to focus on what we can control, including continual improvements to our products and technology and expanding into newer high-growth markets,” AppLovin’s co-founder and CEO, Adam Foroughi, said in a press release.
He added, “We remain excited about the long-term growth potential of our core markets and AppLovin. Our team and culture have always emphasized and incentivized an entrepreneurial mindset in pursuit of long-term innovation and value creation.”
