DoubleU Games raises DoubleDown takeover offer to $16.25 per ADS
Deals & M&A2 min read
DoubleU Games has agreed to launch an all-cash tender offer for all outstanding American Depositary Shares in DoubleDown Interactive at $16.25 each, the company said. The offer replaces its April proposal of $11.25 per share and requires DoubleU to own at least 90% of DoubleDown’s common shares; if completed, a second-step transaction would acquire remaining shares at the same price per ADS. DoubleU expects to use cash on hand and a bridge loan facility of up to KRW300 billion to fund both transactions.
DoubleU has agreed to launch a cash tender offer for all outstanding DoubleDown American Depositary Shares at $16.25 per ADS. The controlling shareholder owns approximately 67.05% of DoubleDown’s outstanding common shares; in April, it offered $11.25 per share in cash for all outstanding shares, including American Depositary Shares.
Each DoubleDown ADS represents one-twentieth of a common share. The offer has customary conditions, including a requirement for DoubleU to own at least 90% of DoubleDown’s outstanding common shares. If the offer is completed, DoubleU has agreed to purchase the common shares left over, including those represented by ADSs, in a second-step transaction under the Korean Commercial Act at the same price per ADS.
The revised structure followed discussions with a special committee of DoubleDown’s independent and disinterested directors, advised by independent legal and financial advisers. The committee unanimously concluded that the transaction was in the interests of DoubleDown and its shareholders, and DoubleDown’s board supports it.
DoubleU Games expects to finance the offer and subsequent transaction using cash on hand and a bridge loan of up to KRW300 billion, or approximately €200.5 million. For the loan, Korea Investment & Securities serves as mandated lead arranger as well as facility and security agent.
DoubleDown Interactive shares rose 15.61% after the announcement, closing at $15.70 per share in New York on Monday; DoubleU Games shares closed 8.07% higher at ₩58,900.00 in Seoul on Tuesday. The market close tomorrow will be followed by DoubleDown Interactive’s release of financial results for the third quarter of 2026.