Take-Two acquisition of Codemasters expected to go through in early 2021 – GamesIndustry.biz

Take-Two Interactive is expected to obtain Codemasters in the first quarter of next year.That’s according to a note to investors, which exposes the board of directors for each company have reached a contract over the regards to Take-Two’s offer.The Grand Theft

Auto publisher will use a mix of money and shares to acquire all presently issued and yet-to-be-issued shares in Codemasters, providing Take-Two 100 %ownership.It was previously recommended the offer might value Codemasters

at ₤ 759 million ($994 million), however the most recent notice says this will instead by ₤ 726 million($ 956 million). The acquisition is expected to be finished by March 31, 2021.

Codemasters’CEO Frank Sagnier and CFO Rashid Varachia, along with the remainder of the senior management group, strategy to remain with Codemasters after the acquisition.Directors of the UK racing games specialist will all recommend its share holders vote in favour of the acquisition at an approaching court meeting.Take-Two thinks the combination of the two companies will be “an extremely complementary fit” that” develops a global leader in

interactive home entertainment.””We are extremely happy to announce this suggested transaction with the Board of Codemasters, “said Take-Two CEO Strauss Zelnick.”

Codemasters has a popular history of producing a few of our industry’s most cherished and commercially effective racing franchises, and our company believe that their offerings will be highly complementary to our sports portfolio and boost further our organization’s long-lasting growth.” Moreover, we eagerly anticipate welcoming Codemasters’senior management and development teams into our Take-Two household, and sharing in our vision to deliver the greatest quality home entertainment experiences and objective to be the most innovative, effective and creative business in our market.”Codemasters chairman Gerhard Florin included:”With a leading position in sports gaming, the Board of Codemasters strongly thinks the Company will gain from Take-Two

‘s broad capabilities which will help propel the long term success of Codemasters. In advising this Offer to investors, the Board of Codemasters believes it is in the best interests of all stakeholders in the Company.”

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