DEKE Dic Ent Regs

    RNS Number : 1118Y
  DIC Entertainment Holdings, Inc.
  02 July 2008
   

    Not for release, publication or distribution, in whole or in part, in or into Canada, Australia, Republic of Ireland, South Africa or
Japan or, any other jurisdiction where to do so would be unlawful.

    2 July 2008: For immediate release
    RE: Litigation update in connection with the recommended acquisition by Cookie Jar Entertainment Inc. of DIC Entertainment Holdings,
Inc. (AIM: DEKE) (the "Merger")
    DIC Entertainment Holdings, Inc.'s ("DIC" or the "Company") announced on 23 June 2008 that following the signing of an agreement and
plan of merger ("Merger Agreement") with Cookie Jar Entertainment Inc. ("Cookie Jar") on 20 June 2008, the Cuyahoga County, Ohio Court of
Common Pleas in Cleveland, Ohio issued an ex parte temporary restraining order injunction ("TRO") on behalf of American Greetings
Corporation ("American Greetings") and its subsidiary Those Characters from Cleveland ("TCFC") against DIC Entertainment Corporation
("Entertainment"), a subsidiary of the Company, and all others in active concert or participation with it.  The TRO precludes Entertainment
from (i) selling, assigning or otherwise transferring or "allowing access" to DIC's rights under the October 2001 contract between
Entertainment and TCFC (the "AG Agreement") to or by any third party, and (ii) violating any term of the AG Agreement.  The Company wishes
to provide an update on the TRO and connected matters, further details of which are set out in the Proxy Statement.
    On 20 June 2008, Entertainment received a notice from American Greetings asserting its cancellation of the AG Agreement pursuant to
which the rights to the Strawberry Shortcake property are licensed to Entertainment.  In its notice, American Greetings alleged that
Entertainment materially breached the license agreement directly or indirectly as a result of the Merger Agreement which, it alleges,
constitutes a sale or transfer of the stock or substantially all of the assets of Entertainment to Cookie Jar, a company which American
Greetings alleges is a direct competitor of American Greetings and TCFC. The Company vigorously disputes the claims and assertions set forth
in American Greetings' notice including that any such breach has occurred, and the Company does not believe there exists any legitimate
basis for a cancellation of the AG Agreement.
    In addition, on June 25, 2008, the action was removed to the United States District Court for the Northern District of Ohio and assigned
to The Honorable Solomon Oliver, Jr.  On 26 June 2008, American Greetings amended its complaint to add DIC and Cookie Jar as defendants and
to add claims for copyright and trademark infringement, and, at the same time, filed a motion for preliminary injunction.  DIC believes that
American Greetings and TCFC's claims against DIC and Entertainment are without merit and strongly disputes the basis on which the TRO was
granted.
    On 30 June 2008, The Honorable Solomon Oliver, Jr. of the Northern District Court of Ohio issued an Order that (i) the TRO shall expire
on 7 July 2008, and (ii) setting a preliminary injunction hearing for 24-25 July 2008 for the purposes of determining whether to grant
American Greetings its requested injunction to prevent Entertainment from exploiting the Strawberry Shortcake property pending a final
determination of the dispute between Entertainment and American Greetings and TCFC.
    DIC and its board of directors remain fully committed to pursuing the Merger with Cookie Jar and intend to continue to pursue all
appropriate legal options available to it. In light of the above, the TRO shall expire at 11:59 p.m.  on 7 July 2008.  As such, the TRO, if
it was in fact applicable to the Merger, will no longer be an impediment to the Merger, and DIC and Cookie Jar shall be free to consummate
the Merger, subject to receiving requisite stockholder approval from the DIC Stockholders on 21 July 2008 and the satisfaction or waiver of
all other conditions to closing under the Merger Agreement.
    For further information:
    DIC Entertainment Holdings, Inc. 
Jeffrey Edell, President, DIC
Tel: +1 818-955-5400
    Nomad and Broker
    Landsbanki Securities (UK) Limited
John Craven/Claes Spang
Tel: +44 (0) 20 7426 9000

    Media enquiries:
    DIC Entertainment Holdings, Inc.
    Simon Forrest, Investor Relations 
    Tel:  +44 (0) 7885 317746 
    Landsbanki Securities (UK) Limited, which is authorized and regulated in the UK by the Financial Services Authority, is acting
exclusively for the Company and for no-one else in connection with this announcement and will not be responsible to anyone other than the
Company for providing protections afforded to clients of Landsbanki Securities (UK) Limited.
    This announcement will not be made, directly or indirectly, in or into, or by the use of the mails or any means of instrumentality
(including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facilities of a national
securities exchange of Canada, Republic of Ireland, South Africa, Australia or Japan. Accordingly, except as required by applicable law,
copies of this announcement are not being, and may not be, mailed or otherwise forwarded, distributed or sent in, into or from Canada,
Republic of Ireland, South Africa, Australia or Japan. Persons receiving this announcement (including without limitation nominees, trustees
or custodians) must not forward, distribute or send it into Canada, Republic of Ireland, South Africa, Australia or Japan. 
    This announcement does not constitute, or form any part of, any offer for, or solicitation of any offer for, securities (or any
recommendation in connection thereto). 



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCIIFSTDDIFIIT

Dic Ent Regs (LSE:DEKE)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Dic Ent Regs (LSE:DEKE)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024