- Published 2026.11.09 23:59
Agrees to buy all 32.95% it does not own for cash
Raises 300 billion won bridge loan… full subsidiary and delisting to follow
DoubleU Games will acquire all remaining shares of its Nasdaq-listed subsidiary DoubleDown Interactive (DDI) through a cash tender offer, making it a wholly owned subsidiary. The move is aimed at eliminating the dual listing structure across Korea and the United States and simplifying governance.
According to DoubleU Games and DDI, the two companies signed a tender offer and cooperation agreement under which DoubleU Games will buy all American depositary shares (ADS) of DDI it does not already own at $16.25 per share (about 22,700 won). This is the final agreement replacing the non-binding offer (NBO) DoubleU Games submitted to the DDI board in April 2026.
DoubleU Games is currently the largest shareholder with a 67.05% stake in DDI common stock. The tender offer covers the entire remaining 32.95% stake. For the deal to close, DoubleU Games must secure at least 95% of DDI's issued shares immediately after the tender offer, and at least 50% of the shares held by minority shareholders must be tendered. The 95% condition can be lowered to 90% by mutual agreement.
The tender offer will be funded by DoubleU Games' own cash and a bridge loan of up to 300 billion won (about $221 million) arranged by Korea Investment & Securities. If the tender offer succeeds, DoubleU Games plans to acquire the remaining shares not tendered at the same price through a two-step transaction under Korean commercial law. DDI will then be delisted from the Nasdaq.
DDI is a company whose main business is the social casino game 'DoubleDown Casino.' It was acquired by DoubleU Games in 2017 and listed on the Nasdaq in August 2021. When DoubleU Games made its initial acquisition proposal in April, it said it was pursuing full ownership to reduce listing maintenance costs and improve capital allocation efficiency.
A special committee of DDI's independent directors agreed to the terms after review by independent financial and legal advisors. The DDI special committee said, "This agreement and the tender offer transaction are fair to and in the best interests of minority shareholders other than DoubleU Games and its affiliates," and recommended that shareholders tender their shares.
(Dollar figures are approximate, converted automatically at 1,000 won = $0.735, the rate on Nov. 10, 2026.)
※ This article is an AI translation of the Korean original published by Korea Credit News; it was checked by automated quality guards and published by the English edition desk.
