Take-Two Ceases Efforts to Acquire Codemasters
Take-Two Interactive Software announced that it has lapsed its offer to acquire British racing game developer and publisher Codemasters at an implied equity value of approximately $994M USD. In November 2020, the company initially came to an agreement with Codemasters’ board of directors, which recommended its shareholders to approve Take-Two’s acquisition offer at £4.85 GBP ($6.62) per share.
Following a competing offer by Nasdaq-listed game developer and publisher Electronic Arts (EA) in December 2020 at an implied equity value for Codemasters of roughly $1.2B, Codemasters’ board of directors withdrew its recommendation of Take-Two’s offer in favor of unanimously recommending EA’s offer.
Take-Two further announced that it “will continue to pursue selectively organic and inorganic opportunities that are designed to enhance the company’s long-term growth and deliver results to its shareholders.”
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