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8/15, 4:00 PM (Source: TeleTrader)
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Unity rejects AppLovin's $17.5 billion bid

Unity Software Inc announced Monday that its Board of Directors had decided to recommend to its shareholders "to vote in favor of Unity's pending merger with ironSource Ltd." Consecuently, the company stepped away from the $17.54 billion takeover offer made by the AppLovin Corp.

"The Unity Board is committed to acting in the best interests of Unity shareholders with a focus on driving long-term sustainable value creation," said the company after stating that the decision was made "with the assistance of outside financial and legal advisors, and has unanimously determined that it is not in the best interests of Unity shareholders."

"The Board continues to believe that the ironSource transaction is compelling and will deliver an opportunity to generate long-term value through the creation of a unique end-to-end platform that allows creators to develop, publish, run, monetize and grow live games and real-time 3D content seamlessly," said John Riccitiello, President and Chief Executive Officer of Unity commenting on the decision.

Baha Breaking News (BBN) / JG