Take-Two Pulls Offer To Purchase Codemasters, Making EA's Purchase Easier

Codemasters is notorious for developing racing titles and recent Take-Two Interactive expressed interest in purchasing the company. However, the company withdrew its offer to purchase Codemasters.

NEW YORK--(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TTWO) today announced that following the December 14, 2020 announcement by the Board of Codemasters that it had withdrawn its recommendation of the Company's offer to acquire Codemasters Group Holdings PLC, Take-Two has, with the consent of the Panel, lapsed its offer.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.

EA expressed interest in purchasing the company to many gamers' vexation. EA is notorious for heavily monetizing games with predatory microtransactions, especially with sports titles. Releasing a new Madden each year with recycled content, assets, and requiring microtransactions to remain competitive. Many gamers worry that if Codemasters falls under the EA umbrella the same will happen. In addition, EA has a reputation for purchasing companies and closing them down. RIP Visceral Games.

Adam Siddiqui,
Managing Editor, NoobFeed
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