Irish video game services firm Keywords Studios said on Friday it has received a takeover proposal worth £1.96bn (€2.32bn) by European private equity firm EQT Group if it tabled a formal offer at that price despite it being lower than what it proposed in May.
The Dublin-based company said on Thursday that the private equity firm proposed to buy the company for £24.50 (€28.94) per share, a price that the Keywords board could recommend to shareholders, up from a previous proposal of £24.30 apiece on Wednesday.
But that was still lower than the £25.50 proposal first disclosed in May.
Keywords Studios warned on Friday of lower margins in the first half of the year and said it was grappling with slower content creation trends that are dampening its growth.
Located in Leopardstown, Keyword Studios was established in 1998 and provides services to 24 of the world’s top 25 gaming companies, including Nintendo, Activision Blizzard, Apple and Google.
The firm specialises in translation and testing services for the computer games industry and has expanded across the world since its founding in Ireland with more than 70 locations across Europe, the Americas, Asia and Australia.
EQT has until July 3 to make a formal offer or walk away.
Reporting from Reuters and the Irish Examiner.
