Take-Two will sue for Codemasters following a $ 1.2bn EA offer

Electronic Arts now appears to be taking over British racing games developer as Take-Two considers another property

Take-Two has pulled out of the race to buy Codemasters, a UK-based developer and publisher.

The company first revealed that they were in talks to buy the racing games expert back in November in a deal that valued Codemasters at just $ 1 billion shy.

However, rival publisher Electronic Arts stepped in with a surprising bid a month later, expecting to acquire the company for about $ 1.2 billion.

Despite this news, the Codemasters Board of Directors pulled the proposal back to Take-Two.

Today, Take-Two told investors through a statement that they have “abandoned its offer. “

The publisher had the right to do so unless Codemasters held a shareholder meeting related to the purchase on or before January 12, which it did not, and Take-Two has not extended this date. .

One final note in the statement states that Take-Two will “continue to seek organic and inorganic opportunities designed to promote the long-term growth of the company and deliver results to its shareholders. “

This suggests that the publisher look in for other uses.

Without a specific counter offer, Electronic Arts seems ready to acquire Codemasters.

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