DoubleU Games has agreed to acquire the shares it does not already own in Nasdaq-listed DoubleDown Interactive for US$16.25 per American depositary share in cash, the two companies said on 9 November 2026. By our calculation from the share data in the filings, the price values the roughly 32.95% minority at about US$265m.
Why DoubleU Games Co., Ltd. is buying DoubleDown Interactive Co., Ltd. (32.95% not already owned)
DoubleU Games already owns about 67.05% of the Korea-incorporated social casino operator and intends to delist DoubleDown's ADSs from Nasdaq and deregister them once the deal is completed.
Deal terms and financing
DoubleU Games will launch a cash tender offer for all ADSs within seven business days of the agreement. If the offer completes, it will acquire any remaining shares through a second-step transaction under the Korean Commercial Act at the same price. The offer requires a 95% minimum tender, which can be lowered to no less than 90% with the DoubleDown board's consent, and a non-waivable majority-of-the-minority condition. It is funded from cash and a bridge loan of up to KRW300bn arranged by Korea Investment & Securities; no break fee is payable by either side. DoubleU Games proposed US$11.25 per ADS in April 2026.
Regulatory approvals and timing
The offer will be made under US tender offer rules, with a Schedule TO, a joint Schedule 13E-3 and a Schedule 14D-9 to be filed. The agreement terminates if the offer has not completed by 10 March 2027.
Market context
A special committee of DoubleDown's independent directors negotiated the terms and Kroll provided a fairness opinion. DoubleU Games disclosed on 10 November a KRW300bn short-term borrowing to fund the purchase of the remaining DoubleDown stake, Korean media reported.
