DoubleU Games, a Seoul-based mobile social casino game developer listed on the Korea Exchange, has submitted a formal proposal to the board of DoubleDown Interactive to acquire all outstanding American Depositary Shares of DDI not currently held by DoubleU Games at $11.25 per ADS in an all-cash transaction, representing an aggregate value of approximately $184 million. The offer price equals DDI’s 52-week high on the Nasdaq Global Select Market and represents a premium of approximately 22.4% over DDI’s closing price on April 27, 2026.
DoubleU Games currently holds approximately 67.1% of DDI’s outstanding common shares and is seeking to acquire the remaining approximately 32.95% to make DDI a wholly owned subsidiary. The transaction would be structured as a comprehensive share exchange under Korean law and is fully funded through available cash and committed financing, with no financing condition attached.
The proposed buyout is designed to enable full strategic and operational integration of the DoubleU Games group, unifying product, technology, and live operations teams across the combined social casino portfolio. It would also consolidate the financial resources of both companies into a single balance sheet, providing greater flexibility to allocate capital toward new content, new game genres, and acquisitions.
DoubleU Games has indicated it will not proceed without the recommendation of a special committee of independent DDI directors acting in accordance with their fiduciary duties. The transaction requires the affirmative vote of at least 95% of DDI’s outstanding common shares, including a majority of votes cast by shareholders other than DoubleU Games. DoubleU Games has stated it will not support any alternative transaction involving DDI and has no intention to reduce its shareholding.
DoubleU Games has engaged Paul Hastings as its U.S. legal advisor and Kim & Chang as its Korean legal advisor in connection with the transaction.
KEY QUOTE:
“We believe the proposed Transaction offers DDI’s public ADS holders immediate, certain cash value at a meaningful premium, a compelling outcome given current market volatility across the gaming sector.”
Jaeyoung Choi, Chief Financial Officer, DoubleU Games
