Re Merger Agreement

RNS Number : 2515X
DIC Entertainment Holdings, Inc.
23 June 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.

23 June 2008: For immediate release
RE: Merger Agreement

Litigation in connection with the recommended acquisition by Cookie Jar Entertainment Inc. of DIC Entertainment Holdings, Inc. (AIM:
DEKE) (the "Merger")

Following DIC Entertainment Holdings, Inc.'s ("DIC" or the "Company") announcement that it has signed a merger agreement ("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")
blocking the proposed merger with Cookie Jar through 4 July 2008.

The TRO was issued on the basis of American Greetings' assertions that the terms of the Merger Agreement could violate American Greetings'
rights as the owner of Strawberry Shortcake and that the Merger could cause irreparable damage to the Strawberry Shortcake brand. DIC was
not given sufficient advance notice by American Greetings to be able to appear in Court to oppose the issuance of the TRO.

DIC and its Board remain fully committed to pursuing the Merger with Cookie Jar. The Board, having sought the advice of its advisors,
including its legal counsels, believes that American Greetings' claims are without merit and strongly refutes the basis on which the TRO was
granted. DIC fully intends to pursue all appropriate legal options available to it to overturn the TRO, prevent the issuance of any further
injunctions and pursue the terms of the Merger.

Strawberry Shortcake property would be a key element in the combined company's rights portfolio, and DIC is confident that DIC and Cookie
Jar together will be able to further enhance and grow the Strawberry Shortcake brand.

The Company shall provide a further update at the appropriate time.

Enquiries:

Nomad and Broker
Landsbanki Securities (UK) Limited
John Craven/Claes Spang
Tel: +44 (0) 20 7426 9000

DIC Entertainment
Simon Forrest
+44 (0)7885 317746

Brunswick
+44 (0)207 404 5959
Craig Breheny / Ash Spiegelberg

Landsbanki Securities (UK) Limited, which is authorized and regulated in the UK by the Financial Services Authority, is acting
exclusively for DIC and for no-one else in connection with the Merger and will not be responsible to anyone other than DIC for providing
protections afforded to clients of Landsbanki Securities (UK) Limited.
J.P. Morgan Securities Inc. (as assignee of Bear, Stearns & Co. Inc.) is not regulated in the United Kingdom by the Financial Services
Authority, is acting for DIC and no one else in connection with the Merger and will not be responsible to anyone other than DIC for
providing the protections afforded to clients of JPMorgan or for providing advice in relation to the Merger.
Communications relating to the Merger 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.
The availability of the Per Share Merger Consideration to DIC stockholders who are not resident in the United Kingdom or the United
States may be affected by the laws of the relevant jurisdictions. It is the responsibility of each DIC stockholder only to ensure that
receiving this announcement, the impending proxy statement, and any subsequent deliberations and actions (or non-actions) thereon is lawful.
DIC stockholders should seek their own professional advice in connection with the Merger.
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). Any acceptance or other response to the Merger should be made on the basis of the information
contained in the proxy statement.
This document has been prepared by and is the sole responsibility of the Company and has not been approved by the UK Listing Authority
or AIM.
Forward-looking statements
This announcement contains certain forward-looking statements, including statements regarding the Company's plans, objectives and
expected performance. Such statements relate to events and depend on circumstances that will occur in the future and are subject to risks,
uncertainties and assumptions. There are a number of factors which could cause actual results and developments to differ materially from
those expressed or implied by such forward looking statements, including, among others litigation; the enactment of legislation or
regulation that may impose costs or restrict activities; the re-negotiation of contracts or licences; fluctuations in demand and pricing in
the entertainment industry; fluctuations in exchange controls; changes in government policy and taxation; industrial disputes; war and
terrorism. These forward-looking statements speak only as at the date of this document.

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

END

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