The takeover of Codemasters has taken some twists and turns, but now it looks as though it is heading in the direction of EA.
Take-Two has withdrawn their bid, leaving EA as the only offer on the table.
Take-Two Withdraw Bid
Take-Two, parent company of Rockstar and 2K Sports, has officially withdrawn their takeover bid.
The original $980 million valuation was trumped by EA who swooped in with a $1.2 billion bid.
According to Resetera, "The company’s action is possible due to a clause which said it could pull its offer should Codemasters not hold a Shareholder Meeting related to the potential acquisition on or before January 12.
Following the first news of EA’s accepted offer in December, Take-Two had said it was considering its options.
On Wednesday the company did not explicitly state that it wouldn’t return with an increased offer for Codemasters, but its statement appeared to suggest it was now considering other acquisition targets."
The official statement from Take-Two reads:
“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 Take-Two’s long-term growth and deliver results to its shareholders.”
EA to acquire Codemasters?
It appears as though EA are almost certain to acquire Codemasters, although nothing is set in stone.
Does this mean the next F1 game will be produced by EA? Only time will tell.
This is a breaking news story and is constantly being updated with new information as it becomes available.
Please refresh the page regularly to get the latest updates.
Reporters working on RealSport101 will be working to source the latest information, reaction, pictures and video related to this story. You can also follow us on Twitter @RealSport101 to get the latest news updates 24 hours a day.
Whilst you're here why not also subscribe to Gfinity Plus? Each month there are some EPIC giveaways.
What is Gfinity Plus?
Gfinity Plus is our exclusive membership system that brings plenty of benefits.
From the latest and greatest news of the week, community interactions, amazing and exclusive deals as well as monthly giveaways, there's something for everyone.
How to Sign Up to Gfinity Plus
- Head to gfinityesports.com and hit the 'Sign In' button in the top right of the page.
- Click 'Sign up to Gfinity Plus'
- Enter your username, email address, password, country of residence and DOB
- Agree to the terms & conditions and click 'Sign up for Gfinity Plus'
- Verify your email
That's it! You will automatically be entered into our giveaways.
RealSport101 is part of Gfinity Digital Media and owned by Gfinity plc.