B. Riley Financial (RILY) Announces Tender Offer to Buy 2M ADS of DoubleDown Interactive (DDI)
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B. Riley Financial, Inc. (Nasdaq: RILY), through its wholly owned subsidiary, B. Riley Securities, Inc. ("Purchaser" and together, "B. Riley"), today commenced its previously announced cash tender offer for the purchase of up to 2,000,000 American Depositary Shares ("ADS") of DoubleDown Interactive Co., Ltd. (Nasdaq: DDI) ("DDI"), a leading developer and publisher of digital social casino games.
B. Riley is offering to purchase up to 2,000,000 ADS of DDI, each representing 0.05 of a common share of DDI, that are not held by B. Riley or any of its subsidiaries ("DDI ADS"). The Offer Price is $18.00 per DDI ADS, to be paid net to the seller in cash, without interest, less any applicable withholding taxes. The Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated September 23, 2021, and the Letter of Transmittal which will be filed by B. Riley with the Securities and Exchange Commission (the "SEC") today.
B. Riley is making this Offer to increase its investment and because it believes the current market value for the ADS is not reflective of DDI's intrinsic value.
The Offer is scheduled to expire at 12:00 midnight, New York City time, on October 22, 2021 (one minute after 11:59 P.M., New York City time, on October 21, 2021) (the "Expiration Date") unless the Offer is extended or earlier terminated. Any extension of the Offer will be announced publicly on the first business day after the Expiration Date.
The Offer is subject to customary closing conditions. There is no financing condition to the Offer.
Holders interested in tendering their DDI ADS must do so in accordance with the procedures set forth in the Offer to Purchase. Complete terms and conditions of the Offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials, which have been filed by B. Riley with the SEC.
Copies of the Offer to Purchase, Letter of Transmittal and other related materials are available free of charge from D.F. King & Co., Inc., the information agent for the Offer. Questions regarding the Offer and requests for assistance in connection with the Offer may be directed to D.F. King by contacting (866) 207-2356 (toll-free). Banks and brokers may contact D.F. King at (212) 269-5550. American Stock Transfer & Trust Company, LLC is acting as depositary for the Offer.
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