DDI · All-cash buyout $16.25/ADS

DoubleU Games (DUG), which owns 67.05% of DoubleDown Interactive (DDI), has agreed to acquire all remaining ADSs not already owned by DUG for $16.25 per ADS in cash via a tender offer, followed by a second-step squeeze-out or share exchange under Korean law. The transaction is expected to result in DDI becoming a wholly owned subsidiary of DUG, with delisting and deregistration of the ADSs. The offer is subject to a 95% minimum tender condition (reducible to 90% with DDI consent) and a non-waivable majority-of-the-minority condition.

• DUG to acquire all outstanding ADSs not already owned at $16.25 per ADS in cash.
• DUG currently owns 67.05% of DDI's common shares; remaining 32.95% is held as ADSs.
• Offer subject to minimum tender condition of 95% ownership (reducible to 90% with DDI consent) and non-waivable majority-of-the-minority condition (>50% of unaffiliated ADSs tendered).
• No financing condition; DUG has committed debt financing of up to KRW 300 billion from Korea Investment & Securities.