Jan 14, 2005 02:00
EA Waives a Condition on Its Offer for Shares of Digital Illusions
REDWOOD CITY, Calif. & STOCKHOLM, Sweden --(Business Wire)-- Jan. 14, 2005 Electronic Arts Holding AB ("EA") (Nasdaq:ERTS) today declared its decision to waive one of the conditions in its offer to the shareholders of Digital Illusions CE AB (publ) ("DICE").
The offer had previously been conditioned upon EA becoming the owner of more than 50 percent of the total number of shares representing more than 50 percent of the capital and votes in DICE after dilution upon exercise of employee warrants outstanding under the option program launched in 2002. Even though the extended acceptance period has not yet expired and the calculation of the outcome of the offer has not yet been made, EA has decided to waive the above-mentioned condition for the offer.
This means that EA will acquire all the shares tendered in the offer, regardless of whether EA reaches the 50 percent threshold (assuming that the acquisition is not hindered or rendered more difficult by circumstances beyond EA's control).
The acceptance period will end on January 20, 2005, and EA does not intend to extend it any further. Payment to shareholders that have tendered, or will tender their shares before the acceptance period expires, is expected to be distributed beginning on or about January 27, 2005.
The other terms and conditions of the offer remain unchanged.
EA reserves the right to acquire additional shares of DICE in the market.
About Electronic Arts
Electronic Arts (EA), headquartered in Redwood City, California, is the world's leading interactive entertainment software company. Founded in 1982, EA posted revenues of USD 2.96 billion for the fiscal year ended March 31, 2004. The company develops, publishes, and distributes interactive software worldwide for video game systems, personal computers and the Internet. In 2003, EA had 27 titles that sold more than one million copies. EA markets its products under three brand names: EA SPORTS(TM), EA GAMES(TM) and EA SPORTS BIG(TM).
For more information, visit EA's homepage and online game site at http://www.ea.com