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Aug. 15, 2022, 8:15 a.m. EDT

Unity Software stock slumps after Applovin's $20 billion buyout bid was rejected

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By Tomi Kilgore

Shares of Unity Software Inc. /zigman2/quotes/221035391/composite U -1.40% slumped 4.3% in premarket trading Monday, after the video gaming software company said it rejected Applovin Corp.'s /zigman2/quotes/226004863/composite APP -2.26% unsolicited buyout bid valued at $20 billion submitted last week. The company said after a "thorough" evaluation of Applovin's bid, the board of directors unanimously determined it is not in the best interest of its shareholders to accept the bid, and it doesn't represent a "superior proposal" as defined by the merger deal with ironSource Ltd. /zigman2/quotes/223883410/composite IS -1.28% . Shares of ironSource, which had agreed in July to be acquired by Unity in a stock deal valued at $4.4 billion, ran up 10.7% premarket. Applovin shares eased 0.1%. "We remain committed to and enthusiastic about Unity's agreement with ironSource and the substantial benefits it will create for our shareholders and Unity creators," said Unity Chief Executive John Riccitiello. Unity's stock has tumbled 59.1% year to date through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has lost 10.2%.

/zigman2/quotes/221035391/composite
US : U.S.: NYSE
$ 35.81
-0.51 -1.40%
Volume: 5.96M
Oct. 5, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$10.91 billion
Rev. per Employee
$232,481
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/zigman2/quotes/226004863/composite
US : U.S.: Nasdaq
$ 20.76
-0.48 -2.26%
Volume: 1.54M
Oct. 5, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.87 billion
Rev. per Employee
$1.83M
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/zigman2/quotes/223883410/composite
US : U.S.: NYSE
$ 3.87
-0.05 -1.28%
Volume: 7.42M
Oct. 5, 2022 4:00p
P/E Ratio
60.09
Dividend Yield
N/A
Market Cap
$4.06 billion
Rev. per Employee
$598,722
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/zigman2/quotes/210599714/realtime
US : S&P US
3,783.28
-7.65 -0.20%
Volume: 2.22B
Oct. 5, 2022 5:03p
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