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About Judy

As WP's senior editor, I edit review and preview articles, attempt to keep up with the frantic pace of Rainier's news posts, and keep our reviewers on deadline, which is akin to herding cats. When I have a moment to myself and don't have my nose in a book, I like to play action/RPG, adventure and platforming games...

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Electronic Arts Increases Offer to Buy Digital Illusions

by Judy on Dec. 21, 2004 @ 3:04 a.m. PST

EA confirmed its decision to change one of the conditions for the offer to the shareholders of Digital Illusions CE AB (DICE) and to extend the acceptance period from Dec 16th until January 20, 2005. DICE's Board of Directors recommends its shareholders to accept the offer.

The acceptance period for EA's offer to the shareholders of DICE, made on November 15, 2004, expired on December 16. As the calculation of outcome of the offer now has been made, it can be confirmed that shareholders with a total of 2,587,294 shares in DICE, including 1,517,587 shares that the second largest shareholder Bonnier & Bonnier AB and DICE employees with significant shareholdings have undertaken to sell, have accepted EA's offer. This corresponds to 25.6% of the outstanding capital and votes in DICE. Together with the 18.9% of the outstanding capital and votes currently held by EA, this would give EA today control of 4,498,697 shares, representing 44.5% of the outstanding capital and votes in DICE. As a result, the offer has not yet been accepted to such an extent that EA has become the owner of more than 90% of the total number of shares representing more than 90 percent of the votes in DICE, which was a condition for the implementation for the offer.

EA today changes the condition above and conditions the offer upon an acceptance level through which EA would become the owner of more than 50% of the total number of shares representing more than 50% of the capital and votes in DICE after dilution upon exercise of employee warrants outstanding under the option program launched in 2002. As a consequence of this, the acceptance period is extended to January 20, 2005.

The offer of SEK 61 in cash per share remains. The other terms and conditions of the offer remain in effect during the extension period. Assuming that EA completes the offer on January 26, 2005, payment is expected to be distributed beginning on or about January 27, 2005.

EA reserves the right to acquire additional shares in DICE in the market.

The Board of Directors of DICE has in a statement on November 15, 2004, unanimously recommended the shareholders to accept EA's offer of SEK 61 per share. Nordea Corporate Finance has issued a fairness opinion to the Board of Directors of DICE, stating that the offer is fair from a financial point of view.

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