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Codemasters Agrees to $1.2 Billion Counterbid From EA
- U.K. studio withdraws its recommendation for Take-Two offer
- EA deal values Codemasters Group at about 14.4% higher
Electronic Arts Inc. has a collection of racing games including the well-known Need for Speed franchise.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Codemasters Group Holdings Plc has agreed to a $1.2 billion bid from Electronic Arts Inc., which topped a $956 million offer from Take-Two Interactive Software Inc.
The London-traded producer of racing video games said its shareholders will receive 604 pence in cash for each ordinary share of Codemasters, according to a statement on Monday. The rival offer could spark a bidding war for the maker of the popular Formula 1 racing franchise, after video game makers have soared in value with consumers stuck at home due to the pandemic.