Take-Two Interactive Software, Inc. Announces Lapse of Offer to Acquire Codemasters Group Holdings PLC
January 13 2021 - 7:00AM
Business Wire
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) today
announced that following the December 14, 2020 announcement by the
Board of Codemasters that it had withdrawn its recommendation of
the Company's offer to acquire Codemasters Group Holdings PLC,
Take-Two has, with the consent of the Panel, lapsed its offer. As
noted in the Scheme Document (the "Scheme Document") dated November
30, 2020, Take-Two was entitled to lapse the offer if the Court
Meeting and General Meeting were not held on or before the 22nd day
after the expected date of such Meetings set out in the Scheme
Document. The expected date of such Codemasters' Shareholder
Meetings set out in the Scheme Document was December 21, 2020, and
the 22nd day after such date was January 12, 2021. Codemasters'
Shareholder Meetings were not held on or before January 12, 2021
and Take-Two has not extended this date. As a result, the
Co-operation Agreement has automatically terminated in accordance
with its terms.
Take-Two remains a highly disciplined organization and, with its
strong balance sheet, 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.
Capitalized terms used and not defined in this announcement have
the meanings given to them in the Scheme Document.
About Take-Two Interactive
Software
Headquartered in New York City, Take-Two Interactive Software,
Inc. is a leading developer, publisher and marketer of interactive
entertainment for consumers around the globe. We develop and
publish products principally through Rockstar Games, 2K, Private
Division, and Social Point. Our products are designed for console
systems and personal computers, including smartphones and tablets,
and are delivered through physical retail, digital download, online
platforms and cloud streaming services. The Company’s common stock
is publicly traded on NASDAQ under the symbol TTWO. For more
corporate and product information please visit our website at
http://www.take2games.com.
All trademarks and copyrights contained herein are the property
of their respective holders.
Cautionary Note Regarding
Forward-Looking Statements
The statements contained herein which are not historical facts
are considered forward-looking statements under federal securities
laws and may be identified by words such as "anticipates,"
"believes," "estimates," "expects," "intends," "plans,"
"potential," "predicts," "projects," "seeks," “should,” "will," or
words of similar meaning and include, but are not limited to,
statements regarding the outlook for the Company's future business
and financial performance. Such forward-looking statements are
based on the current beliefs of our management as well as
assumptions made by and information currently available to them,
which are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Actual outcomes and
results may vary materially from these forward-looking statements
based on a variety of risks and uncertainties including: the
uncertainty of the impact of the COVID-19 pandemic and measures
taken in response thereto; the effect that measures taken to
mitigate the COVID-19 pandemic have on our operations, including
our ability to timely deliver our titles and other products, and on
the operations of our counterparties, including retailers and
distributors; the effects of the COVID-19 pandemic on consumer
demand and the discretionary spending patterns of our customers;
the impact of reductions in interest rates by the Federal Reserve
and other central banks, including on our short-term investment
portfolio; the impact of potential inflation; volatility in foreign
currency exchange rates; our dependence on key management and
product development personnel; our dependence on our Grand Theft
Auto and NBA 2K products and our ability to develop other hit
titles; our ability to leverage opportunities on PlayStation 5 and
Xbox Series X; the timely release and significant market acceptance
of our games; the ability to maintain acceptable pricing levels on
our games; and risks associated with international operations.
Other important factors and information are contained in the
Company's most recent Annual Report on Form 10-K, including the
risks summarized in the section entitled "Risk Factors," the
Company’s most recent Quarterly Report on Form 10-Q, and the
Company's other periodic filings with the SEC, which can be
accessed at www.take2games.com. All forward-looking statements are
qualified by these cautionary statements and apply only as of the
date they are made. The Company undertakes no obligation to update
any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210113005136/en/
(Corporate Press) Alan Lewis Vice President Corporate
Communications & Public Affairs Take-Two Interactive
Software, Inc. (646) 536-2983 Alan.Lewis@take2games.com
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