Unity Software Down 6% After Rejecting Buyout Offer From AppLovin

(RTTNews) - Shares of video game software development company Unity Software Inc. (U) are falling more than 6% Monday morning at $55.02.

The company today announced its decision to turn down the buyout proposal from AppLovin (APP) for $20 billion. It instead plans to buy IronSource (IS) as announced earlier.

"The company's Board has unanimously determined that it is not in the best interests of Unity shareholders and would not reasonably be expected to result in a "Superior Proposal" as defined in Unity's merger agreement with ironSource," Unity said.

Unity Software shares have traded in the range of $29.09-$210.00 in the past 52 weeks.