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Unity Software Inc (NYSE:U) shares are trading lower Monday after the company's board announced its commitment to the ironSource Ltd (NYSE:IS) transaction and rejected the unsolicited proposal from Applovin Corp (NASDAQ:APP).
Following a financial and strategic review, Unity's board has unanimously determined that the Applovin proposal is not in the best interests of Unity shareholders and would not reasonably be expected to result in a superior proposal as defined in Unity's merger agreement with ironSource. Unity's board reaffirmed its recommendation to vote in favor of its previously announced ironSource transaction.
"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 CEO of Unity.
Unity provides a software platform for creating and operating interactive, real-time 3D content.
U Price Action: Unity has a 52-week high of $144.69 and a 52-week low of $29.09.
The stock was down 5.44% at $55.29 at press time, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
