The takeover deal between Take-Two Interactive and the British racing game specialists Codemasters actually seemed to be a completely safe bet. In November there was a formal agreement between the two companies regarding the terms of sale via a cash and share offer. Now the tide has turned: Electronic Arts made an offer that apparently couldn't be refused.
The value of the company specializing in racing games was put at up to 750 million pounds (837 million EUR / 991 million USD). The takeover should have taken place in the first quarter of 1. But then Electronic Arts stepped in and entered the negotiations with an offer that Codemasters seemed to find more appealing.
EA is aiming for a quasi-monopoly in the racing game genre
Industry giant EA is likely to have initially offered up to 725 million pounds. The offer seemed to be more attractive because the amount was not linked to stocks and bonds as was the case with the Take-Two offer.
The final stand is now that EA has bid $ 1.2 billion and reached an agreement with Codemasters. On the official website Electronic Arts announces in a press release that they have already met with the management of Codemasters to take over the development studio.
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EA can strategically position itself extremely well in the racing game business with the Codemasters purchase, as the studio owns lucrative licenses in addition to well-known brands such as Grid, Dirt, Project Cars and F1: The Formula One license should be the most popular among this group be most important. With the WRC, another FIA license will be part of the catalog in the near future. EA can also make use of Codemasters' expertise when it comes to polishing its own racing titles, Need for Speed and Burnout.
"In evaluating EA's bid, the Codemasters Board has considered various aspects of the EA bid and has concluded that the EA bid represents a superior offer to Codemasters shareholders compared to the Take Two bid," it says on the part of Codemasters.
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