BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors Of The Following Investigations: Doubledown Interactive Co., Ltd. (Nasdaq DDI), Ultralife Corporation (Nasdaq ULBI), Penske Automotive Group, Inc. (NYSE PAG), Greenfire Resources Ltd. (NYSE GFR)
DoubleDown Interactive Co., Ltd. (Nasdaq – DDI)
Under the terms of the Merger Agreement, DoubleDown will be acquired by DoubleU Games Co., Ltd. (“DoubleU Games”) which currently owns approximately 67.05% of DoubleDown's outstanding common shares. The deal is to acquire the remaining shares not already owned by DoubleU Games or its affiliates through an all-cash tender offer at $16.25 per American Depositary Share (“ADS”). The investigation concerns whether the DoubleDown Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the proposed transaction provides fair value to DoubleDown's minority shareholders in light of DoubleU Games' existing controlling ownership interest in the Company.
Additional information can be found at .
Ultralife Corporation (Nasdaq – ULBI)
Under the terms of the Merger Agreement, Ultralife will be acquired by EnerSys (NYSE – ENS). Under the terms of the agreement, Ultralife shareholders will receive $16.00 per share in cash, in a transaction with an enterprise value of approximately $320 million. The investigation concerns whether the Ultralife Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the proposed transaction is paying fair value to shareholders of the Company.
Additional information can be found at .
Penske Automotive Group, Inc. (NYSE – PAG)
Under the terms of the Merger Agreement, Penske will be acquired by Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui & Co., Ltd., for $212.00 per share in cash to shareholders outside the acquiring group and valuing Penske at approximately $16.3 billion in enterprise value. The investigation concerns whether the Penske Automotive Group Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the proposed transaction is paying fair value to shareholders of the Company.
Additional information can be found at .
Greenfire Resources Ltd. (NYSE – GFR)
Under the terms of the Merger Agreement, Greenfire Resources will be acquired by Strathcona Resources Ltd. (“Strathcona”) (TSX – SCR). Greenfire shareholders may elect to receive either 0.25 Strathcona common shares for each Greenfire share, representing an implied value of C$9.09 per Greenfire share, or C$11.00 in cash per Greenfire share. The transaction has an announced total value of approximately C$2.7 billion to C$2.9 billion, including net debt. Waterous Energy Fund is the current holder of 72% of Greenfire's outstanding shares and 57% of Strathcona's outstanding shares, has signed a support agreement in favor of the Transaction.
Additional information can be found at .
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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