EA Re-rolls DICE Deal [Dec 20, 2004, 09:39 am ET] – Share – Viewing Comments
EA Holding AB Changes
Condition of Its Offer to the Shareholders of Digital Illusions (thanks
Frans) has what seems to be a follow-up on reports that EA's bid to acquire
Swedish developer Digital Illusions CE (DICE) would be rejected
(story). The story reports the acceptance period for the original
offer has expired without EA getting their targeted percentage of the
outstanding DICE stock, resulting in a change to the offer:
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.
I wasn't even aware that DICE was publicly held.
It probably isn't. Private companies can have shares though -- you just can't sell them without authorization, and you can't keep them if you quit. In the case of shares (or options) in a private company, they're no more valuable than monopoly money unless the company gets sold. When the company is sold then you can claim your percentage of the take, which usually ends up being quite a bit of money.
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