AppLovin Withdraws Offer to Merge With Unity Software
- Won’t submit a new bid, allowing IronSource deal to proceed
- Unity said AppLovin offer isn’t in shareholders’ best interest
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AppLovin Corp. said has withdrawn its initial proposal to combine with Unity Software Inc. and doesn’t plan to submit a new offer, clearing the way for Unity to buy IronSource Ltd. as initially planned.
AppLovin’s path “as the independent market leader is better for its stockholders and other stakeholders,” the Palo Alto, California-based company said in a statement Monday. “AppLovin will move forward with the intention of continuing to gain market share and expand its platform.”