Shares of Zynga Explode on Takeover Interest

Video game maker Zynga saw its shares skyrocket after Bloomberg reported that an unnamed rival had expressed takeover interest in the company. The stock had been temporarily halted after shares jumped 5% on the news.

The San Francisco-based company saw gains of 12% on Tuesday following the report, taking it into positive territory for the year. Zynga is now up 9% for the year. A compay spokesperson declined to comment and remarked, “We do not comment on rumors.”

Zynga shares spiked as much as 16% on the report, making it the biggest intra-day move for the company since 2014.

It was this past August that the Zynga had announced a multi-year licensing deal with Walt Disney Co. to develop and publish a mobile game based on the Star Wars film franchise. It was in May that founder of the company, Mark Pincus, stepped back for the second time after three years of returning.

According to Zynga’s website, over 1 billion people have played games developed by the company.

Disclaimer: We have no position in Zynga Inc. (NASDAQ: ZNGA) and have not been compensated for this article.