DoubleU Games has submitted a proposal to acquire all remaining publicly held shares in DoubleDown Interactive, offering $11.25 per American Depositary Share in a deal valued at approximately $184m.
The South Korea-based developer of social casino games is seeking to purchase all ADSs not already under its control. If the transaction is completed, DoubleDown Interactive would become a wholly owned subsidiary of DoubleU Games.
The transaction is expected to deliver significant benefits for both companies and their stakeholders. It would enable full strategic and operational integration across the DoubleU Games group, bringing together product, technology and live operations teams within a unified social casino portfolio.
It would also consolidate financial resources into a single balance sheet, giving the company greater flexibility to allocate capital toward new content, new game genres and value-creating acquisitions.
The transaction will be fully funded through available cash and committed financing, meaning it will not be subject to any financing conditions.
The company expects to secure all necessary regulatory approvals.
DoubleU Games currently holds approximately 67.1% of DDI's outstanding common shares and, in that capacity, intends to vote in favor of the Transaction.
DoubleU Games expects DoubleDown Interactive’s Board of Directors to form a special committee of independent directors to review the proposal.
The company said it will not move forward without a recommendation from this committee, which must act independently and in line with its fiduciary duties.
The proposal remains non-binding and is subject to approval by the stated committee, as well as customary closing conditions, including shareholder approval thresholds.
Founded in 2012, DoubleU Games is a mobile social casino game developer and publisher headquartered in Seoul, South Korea
