Today, Take-Two Interactive have announced that their initial offer for the acquisition of Codemasters has now lapsed, meaning the path is now clear for Electronic Arts to complete the purchase of the iconic racing game developer.
The Bid Lapsed?
According to a press release hosted on Business Wire, Take-Two announced that due to a clause in the agreement between Codemasters and Take-Two, the publisher would be able to lapse its offer with the consent of the company’s board of directors. The clause only came into effect because Codemasters failed to hold a shareholder meeting by January 12th, meaning Take-Two were free to withdraw their offer.
Why Wouldn’t Codemasters Hold That Shareholder Meeting?
Simply put, Codemasters had a better offer on the go. Take-Two and Codemasters agreed to a $980 million deal back in November, but a spanner was thrown into the works in December when Electronic Arts offered Codemasters a $1.2 billion deal in December. That deal is now being finalised, with Electronic Arts expecting the acquisition to be completed by the end of the first quarter of 2021.
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