March 19, 2006
Posted at 6:10 pm in Industry
Digital Illusions has announced that EA’s relationship with the company has culminated in a full merger between the two companies. Previously a majority stockholder in the Battlefield developer, EA will now acquire the remaining stake in the Swedish developer, effectively making DICE a fully integrated studio within EA.
In connection with the merger, DICE shareholders will receive SEK 67.50 per share in cash, representing a premium of 30% to DICE’s closing price on March 16, 2006. EA currently owns approximately 68 percent of the shares of DICE. EA also holds warrants, which entitle EA to purchase an additional 2.3 million shares. On a fully diluted basis, EA owns approximately 74 percent of the outstanding capital and votes in DICE.The merger is subject to approval by a 2/3 majority vote of shares at the Annual General Shareholders Meeting of DICE, which is scheduled for May 24, 2006. The merger is subject to customary closing conditions and is anticipated to close in September 2006.
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