Take-Two in talks to buy Codemasters

first_imgTake-Two in talks to buy CodemastersRacing publisher says it has discussed a deal that would value it at nearly $1 billionBrendan SinclairManaging EditorFriday 6th November 2020Share this article Recommend Tweet ShareTake-Two is in talks to buy Codemasters.Codemasters today informed investors that it has been in discussions with Take-Two for a sale of the company, and has received a non-binding offer to acquire the company for 485 pence per share (120 pence of that would be paid cash, the rest in Take-Two Interactive shares).Codemasters closed the trading day yesterday at 435 pence per share, making the offer price a bit more than an 11% premium.Currently, Codemasters market cap values the company at £662.98 million ($873.12 million), but Take-Two’s offer would value it at £739.19 million ($973.48 million).The deal would be conditional on Take-Two completing due diligence and the recommendation of the Codemasters board of directors, which at the moment intends to recommend unanimously that all Codemasters shareholders accept the deal.However, discussions are ongoing and Take-Two has not yet made a final offer, and details such as the cash-stock ratio of the deal may still be amended.Related JobsSenior QA Engineer Gaming Studio Baltic Region UK & Europe Big PlanetLead Game Programmer – Quebec Province Quebec Big PlanetSenior Build Engineer – AAA Studio – Yorkshire UK & Europe Big PlanetDiscover more jobs in games Take-Two has until December 4 to decide whether it will make a binding offer or not, although that could be extended with approval from regulators. The publisher did not immediately respond to a request for comment.Update: In a separate announcement, Take-Two explained its thinking behind the acquisition, saying, “Take-Two believes that the combination of Take-Two and Codemasters would bring together two world-class interactive entertainment portfolios, with a highly complementary fit between Take-Two’s 2K publishing label and Codemasters in the racing genre.”In addition, Take-Two believes that it can bring benefits to Codemasters’ performance by leveraging Take-Two’s global distribution network and 2K’s core operating expertise in publishing, including live operations, analytics, product development, and brand and performance marketing.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesSpecialEffect joins Best Places To Work Awards as charity partnerUS event deadline is coming upBy Christopher Dring 22 hours agoResident Evil: Village is the third biggest PS5 launch so far | UK Boxed ChartsBut physical sales down over previous Resident Evil gamesBy Christopher Dring YesterdayLatest comments (1)Rafael Brown Creative Director/Co-Founder, Digital Myths Studio, Inc6 months ago wrong xbox console image in article thumbnail FYI… 0Sign inorRegisterto rate and replySign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more