Take-Two is in talks to acquire Codemasters for nearly $1 billion
It's only a 'possible offer' at this point but both sides seem eager to make it happen.
Take-Two Interactive has confirmed that it has made a "possible offer" to fully acquire UK-based racing studio Codemasters in a deal that Reuters says will be worth $973 million. Assuming the deal is completed, the buyout would also give Take-Two ownership of Project Cars developer Slightly Mad Studios.
The offer will be contingent upon multiple factors, Take-Two said in a statement, including the completion of due diligence and a thumbs-up from the Codemasters board of directors. That part of it seems like a done deal already, as Codemasters said in a statement of its own that the board intends to "recommend unanimously that Codemasters' shareholders accept the Possible Offer."
"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," the publisher said.
"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."
Under the rules of the UK City Code on Takeovers and Mergers, Take-Two must either commit to making an offer for Codemasters, or walk away from the process, by December 4.