Codemasters Agrees to $1.25 Billion Electronic Arts Takeover; Withdraws Take-Two Recommendation
December 14 2020 - 2:54AM
Dow Jones News
By Ian Walker
Codemasters Group Holdings PLC said Monday that it has agreed to
a 945 million-pound ($1.25 million) cash takeover from Electronic
Arts Inc., and has therefore withdrawn its recommendation for the
offer from Take-Two Interactive Software Inc.
Under the deal, accepting shareholders of the U.K. videogames
developer and publisher will get 604 pence for each share held. The
offer price is a 13% premium to Friday's closing price of 534
pence.
"The board of Codemasters firmly believes the company would
benefit from EA's knowledge, resources and extensive global
scale--both overall and specifically within the racing sector,"
Chairman Gerhard Florin said.
On Nov. 10, Codemasters agreed to a GBP759 million takeover
offer from Take-Two. Under that deal, accepting shareholders were
due to get 120 pence in cash and 0.2834 new Take-Two shares for
each Codemasters share held.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
December 14, 2020 02:39 ET (07:39 GMT)
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