Take-Two is in talks to buy Codemasters

Publisher Take-Two is currently in talks with Codemasters, with the possibility that it may buy the Dirt and F1 publisher.

Codemasters has confirmed to investors that it is currently in discussions with Take-Two, and has received a non-binding offer for the company for 485 pence per share – 120 pence of which would be paid in cash, with the rest paid in shares in Take-Two Interactive.

Codemasters’ market cap values the company at £662.98 million, while Take-Two’s offer values it at £739.19 million.

In a statement, Take-Two commented on its stance on the proposed acquisition:

“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.”

Any deal would be conditional on the completion of due diligence (among other things), and a final offer has not yet been made. However, the Codemasters board of directors currently intends to recommend that Codemasters accepts a final deal once made.

Take-Two has until December 4th to make a binding offer, although this deadline can be extended with approval from regulators.

About Chris Wallace

Chris is MCV/DEVELOP's staff writer, joining the team after graduating from Cardiff University with a Master's degree in Magazine Journalism. He can regrettably be found on Twitter at @wallacec42, where he mostly explores his obsession with the Life is Strange series, for which he refuses to apologise.

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