Tencent has tabled a voluntary cash offer to fully acquire Conan Exiles developer Funcom. The Chinese company became the studio's largest shareholder last September when it acquired a 29 percent stake in the Norwegian game developer, and is now seeking full ownership. 

In a press release detailing the offer, Funcom chief exec Rui Casais said the intended takeover is "greeted with enthusiasm," and that so far the company is excited about the opportunity.

"We will continue to develop great games that people all over the world will play, and we believe that the support of Tencent will take Funcom to the next level," he commented. "Tencent will provide Funcom with operational leverage and insights from its vast knowledge as the leading company in the game space."

In a bid to seal the deal, Tencent is offering all shareholders NOK 17.00 per share ($1.89), which is 27.3 percent higher than the closing price of Funcom shares on January 21, 2020. Although shareholders can freely accept or reject the offer, Funcom's board members have unanimously recommended they do the former. 

If the takeover is successful, Tencent won't make any changes to Funcom's management, staffing, or company structure, and intends to let the developer continue operating as an independent entity. 

Funcom will also continue supporting its slate of online games including Conan Exiles, Secret World Legends, Age of Conan, and Anarchy Online, while also working to "increase the scope" of its upcoming Dune game. 

Commenting on the potential deal, Tencent's senior vice president Steven Ma said the company was impressed by Funcom's pedigree in the open-world multiplayer space. 

"We are impressed by Funcom’s strengths as a developer of open-world multiplayer, action and survival games. Funcom has a strong track-record in developing new titles with long life span. We are glad to deepen our relationship with Funcom and look forward to collaborating with Funcom to deliver more exciting and enjoyable game experiences to fans worldwide."