News business Codemasters Approves EA Buyout
The Codemasters chapter started last November following a takeover proposal by Take-Two, the owner of Rockstar Games, seems to be coming to an end soon. Indeed, the directors of the studio specializing in racing games approved Electronic Arts’ proposal.
Codemasters, the owner of popular racing game licenses, namely DiRT, DiRT Rally, Project CARS or even F1, has been in the sights of the biggest publishers in the video game industry for a few months now, and more particularly in that of Take-Two which presented last November a takeover offer amounting to $ 960 million, and‘Electronic Arts which presented an offer of $ 1.2 billion. Following this new proposal, Take-Two, without a bad pun, decided to withdraw from the race, thus leaving the field open to the American company with two motorized franchises in its drawers, the timeless Need For Speed or Burnout (a license which was entitled to a remaster on Nintendo Switch at the beginning of last summer). Now that you know all the facts, let’s get down to business …
Today, the directors of Codemasters, who remained particularly silent during the auction, decided to vote in order to approve the proposed acquisition by Electrionic Arts. Indeed, Frank Sagnier, Rashid Varachia and Ian Bell, the thinking heads of Codemasters with a combined 4.34% stake in the studio, have reached a deal to vote in favor of Electronic Arts’ proposal at upcoming court and general meetings which will be held on February 3.
This decision more or less ensures that Electronic Art will acquire the studio specializing in racing games for $ 1.2 billion in the coming weeks. Indeed, this approval means that the acquisition will continue even if a higher offer is presented in the near future.
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By JeromeJoffard, Writing jeuxvideo.com