King Digital Jumps 14% Premarket After Activision Deal
King Digital Entertainment PLC surged 14% in premarket trade on Tuesday after Activision Blizzard Inc. late Monday said it'll buy the "Candy Crush Saga" gaming company for $3.4 billion plus debt. Activision said it'll pay $18 per share, marking a 20% premium to King's closing price on Friday. The acquisition price, however, is still well below King's IPO price of $22.50 a share, when it listed in March last year. Shares of Activision were down 0.5% ahead of the bell, erasing an earlier gain of 2.7%.
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