DoubleU Agrees $265M DoubleDown Buyout After Raising Price

The agreement was announced on November 9, following negotiations with DoubleDown’s independent directors. DoubleU first approached the company in April with a lower offer.

April’s $11.25 Offer Became $16.25

The original proposal valued each American depositary share at $11.25. The final price adds $5, an increase of 44.4%.

There are 16,329,620 ADSs outside DoubleU’s ownership. At the new price, the full minority buyout costs approximately $81.65 million more than it would have under the April proposal.

Two key conditions apply to the buyout:

• Ownership threshold. DoubleU must reach 95%, although the companies can agree to lower it to 90%;
• Minority approval. More than half of the ADSs held by unaffiliated investors must be tendered. This condition cannot be waived.

The buyer has arranged access to a KRW300 billion bridge loan alongside its own cash. According to DoubleU Games’ November 10 disclosure, the tender period is scheduled to end on December 11.

A successful offer would be followed by the acquisition of any remaining shares. DoubleDown’s ADSs would then be delisted from Nasdaq.

DoubleDown’s iGaming Business Made $61M in 2025

DoubleDown operates DoubleDown Casino and owns European social casino developer WHOW Games. Its SuprNation subsidiary runs real-money iGaming sites in Western Europe.

SuprNation brought in $60.98 million in 2025, up from $33.05 million a year earlier. That was nearly 17% of DoubleDown’s $359.94 million total revenue.

There is a less encouraging figure in DoubleDown’s annual filing: the iGaming segment recorded a $15.56 million pre-tax loss in 2025. The year’s results included a goodwill impairment related to SuprNation.

DoubleDown is scheduled to publish its third-quarter 2026 results on November 11.