Sections

Take-Two withdraws bid for Codemasters following EA offer of $1.2bn

Electronic Arts now likely to take over British racing games developer as Take-Two considers other acquisitions

Take-Two has pulled out of the race to buy UK-based developer and publisher Codemasters.

The company originally revealed it was in talks to buy the racing games specialist back in November in a deal that valued Codemasters at just shy of $1 billion.

However, rival publisher Electronic Arts swooped in with a surprise bid a month later, planning to acquire the company for approximately $1.2 billion.

Upon this news, Codemasters' Board of Directors withdrew their recommendation to sell to Take-Two.

Today, Take-Two told investors via a statement that it has "lapsed its offer."

The publisher had the right to do so if Codemasters did not hold a shareholder meeting related to the acquisition on or before January 12, which it has not, and Take-Two has not extended this date.

One final note in the statement says that 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."

This suggests the publisher is looking into alternative acquisitions.

With no notable counter-offer, it looks like Electronic Arts is set to fully acquire Codemasters.

More stories

EA issues Pride statement after employee pushback

Publisher clarifies its LGBTQ+ commitment and announces donations to various nonprofits

By Jeffrey Rousseau

US advocacy groups call on FTC to investigate FIFA loot boxes

Coalition of 15 organizations believes Ultimate Team violates rules around unfair and deceptive practices

By Brendan Sinclair

Latest comments

Sign in to contribute

Need an account? Register now.