DoubleDown receives expression of interest from controlling shareholder

DoubleDown (DDI) confirmed receipt of a non-binding expression of interest from DoubleU Games, the company’s controlling shareholder holding approximately 67.1% of the company’s outstanding common shares, to acquire all of the outstanding common shares of the company, other than common shares and/or ADSs held by DUG, for $11.25 per ADS in cash. In response to the proposal, the board of directors of DoubleDown formed a special committee composed solely of independent and disinterested directors to review, evaluate and negotiate the proposal and to determine the next steps that would be in the best interests of the company and its unaffiliated shareholders. The special committee is expected to retain independent legal and financial advisors to assist it in its review of and deliberations regarding the proposal.