Take-Two withdraws Codemasters offer after EA bid1 minute read

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Take-Two was in line to purchase Codemasters a couple of months ago, that was until Electronic Arts put in a rather substantial offer.

November 2020 saw Take-Two, the publishers of games such as Borderlands and Grand Theft Auto, offer a bid of $1 billion to buy Codemasters. This changed in December 2020 when Electronic Arts countered this offer with their own $1.2 billion offer being placed on the table.

Dirt (image credit: Codemasters)

The offer from EA is an all-cash offer too, and Codemasters was very happy to accept. Since then there has been speculation whether Take-Two Interactive will increase their bid, but as of yesterday they have announced that they have allowed their offer to lapse.

The right to lapse the offer was agreed with The Panel and was only allowed is a shareholder meeting was not held with Codemasters on or prior to January 12th 2021. Because the meeting was not scheduled Take-Two have taken the opportunity to allow the offer to be withdrawn.

“[Take-Two 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.”

Take-Two Interactive Software Inc.

With Take-Two removing themselves from the discussions it currently looks as though EA will definitely be snapping up the racing giant, but there is still time left on the clock.

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