The video game services company Keywords Studios said it would be “minded” to accept a revised cash offer from Swedish private equity giant EQT Partners if it makes an official bid.
The Dublin-headquartered Keywords said EQT had offered 2,450p per share – up from the 2,430p the company offered on Wednesday.
The company missed the June 26 deadline to make a firm offer but has been granted an extension until July 3.
Alongside the offer, Keywords also published a trading update in which it announced the payment on 28 June 2024 of the 2023 final dividend of 1.76p.
It also announced that it would change its presentational currency from euro to US Dollar with effect from 1 January 2024 to “better reflect the currencies” in which it operates.
Keywords said: “The board believes that the change in presentational currency will provide investors and other stakeholders with greater transparency of the group’s performance and reduced foreign exchange volatility.”
Keywords is listed on the London Stock Exchange’s AIM and has grown to become one of the biggest businesses on the junior market.
It has provided services to the developers of some of the world’s biggest games, including Fortnite, Clash of Clans, League of Legends and Assassin’s Creed.
A takeover would add to the growing list of companies leaving the London Stock Exchange amid concerns in the City of London over whether UK companies are undervalued.
News of EQT’s discussions comes shortly after US private equity giant Thoma Bravo last month struck a $5.3bn (£4.3bn) deal to buy cybersecurity company Darktrace in a move that sparked fears over the London Stock Exchange’s reputation as a trading venue for tech firms.
Keywords, which has a market capitalisation of £1.16bn, has become the 10th London-listed firm worth more than £1bn that is currently engaged in takeover discussions, compared to just one in the same period last year.