Including a 5% Jump Today
For a moment, it did not appear that investors were taking Sega’s $26.6 million acquisition of Relic Entertainment well. The day after the move was made official, SGAMY on the pink sheets dipped to $4.16 a share, an almost three percent decline on the previous day’s close.
But that was short lived, and after a recovery, Sega Sammy stock shot up nearly five and a half percent today, closing at $4.46 a share. Since the acquisition, the stock has been up abut 7.2 percent.
Sega announced in a press release last week their plans to utilize the RTS developer and the IP that goes with the acquisition to “further reinforce PC game development capabilities.” It appears the studio, based in Canada, will stay open. We’ll keep tabs and let you know if anything changes.