EA Issues Tender Offer for Outstanding Shares in Swedish Developer, Digital Illusions
Board of Directors of Digital Illusions Recommends the Offer Which Would Accelerate Readiness for Game Console Technology Transition
REDWOOD SHORES, Calif. & STOCKHOLM, Sweden--(BUSINESS WIRE)--Nov. 15, 2004-Electronic Arts Inc. today announced a tender offer for all outstanding shares of the Swedish game developer, Digital Illusions CE AB. The offer is scheduled to close on December 27, 2004. Electronic Arts (EA) currently owns approximately 19 percent of DICE's outstanding shares.
Digital Illusions' Board of Directors unanimously recommends to the DICE shareholders that they accept the EA offer. Joining EA will accelerate DICE's transition to development for new platforms, including the next generation consoles expected in 2006-2007.
EA is the world's leading developer and publisher of interactive entertainment with the largest studio operation and most extensive network of development tools and libraries. As a fully integrated part of EA, DICE will have access to EA resources, tools and libraries.
"The game industry is entering a very challenging period of technology transition," said DICE's Chairman of the Board Torsten Larsson. "Making DICE a full partner with EA will strengthen DICE's ability to navigate the transition to the next generation of technology."
"At EA, we see this as an opportunity to accelerate the growth of a great studio team," said Rory Armes, General Manager of EA European Studios. "In the next five years, we hope to introduce new franchises and double the number of people working at this studio."
"This is a great opportunity for our company," said DICE's CEO Patrick Soderlund. "DICE will receive added resources, technology tools and expertise for meeting the challenges of the platform transition."
DICE and EA have had a close working relationship since 2002 when EA began publishing and distributing DICE games. In 2003 EA invested in DICE, acquiring roughly 19 percent of DICE's shares and the companies concurrently entered into a 15-year distribution agreement. To date, the partnership has produced many critical and commercial successes including Battlefield 1942, Battlefield: The Road to Rome and Battlefield Vietnam.
