Riley Financial, Inc., on Monday said it intends to commence a cash tender offer, through its wholly owned subsidiary, to purchase additional shares of DoubleDown Interactive Co., Ltd. (DDI), a developer and publisher of digital social casino games.
Riley said it intends to commence a tender offer to purchase up to 2m American depositary shares (ADS), each representing 0.05 of a common share of DDI, at $18 per ADS.
The firm said terms of the tender offer are expected to be finalized shortly, with it to formally commence by late September.
“We have been a significant purchaser of DDI in the open market since its initial public offering,” Bryant Riley, chairman and co-CEO of B. Riley Financial, said in a statement. “As a well-run, highly profitable company with a predictable business model, DDI is a company in which we have strong conviction. Through this tender offer, we are providing transparency to shareholders of our intent to acquire additional shares at what we believe represents a highly compelling value at the proposed tender price of $18. We look forward to commencing the tender offer process and continuing our partnership with DDI and its shareholders.”
Riley Financial says it provides collaborative solutions tailored to fit the capital raising and business advisory needs of its clients and partners. It operates through several subsidiaries that offer a diverse range of complementary, end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, and risk and compliance.
