The board and management of Funcom unanimously supported the all-cash bid by Tencent.
Tencent announced last September it had taken a 29 percent stake in Funcom
China's Tencent Holdings launched a NOK 1.33 billion ($148 million) bid for computer games maker Funcom on Wednesday, sending the Oslo-listed firm's shares sharply higher.
The board and management of Funcom unanimously supported the all-cash bid of NOK 17 per share, a 27 percent premium to Tuesday's closing price of NOK 13.35, the companies said in a joint statement.
Funcom's shares were up 26.2 percent at NOK 16.85 by 0817 GMT.
Based in the Netherlands, Funcom is the developer of a range of computer games that are played online or on other platforms, including adaptations of the Conan the Barbarian franchise.
Tencent, itself a major distributor of online games, announced last September it had taken a 29 percent stake in Funcom, making it the largest owner.
"Funcom has a strong track record in developing new titles with long lifespans," said Tencent Senior Vice-President Steven Ma.
Funcom's management and staff will remain unchanged following the planned acquisition, the companies said.
© Thomson Reuters 2020
For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.