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Electronic Arts vs Take-Two in battle for Codemasters

Electronic Arts vs Take-Two in battle for Codemasters

U.S. computer games firm Electronic Arts Inc has made a bid for London-listed Codemasters Group , seeking to trump an offer agreed last month with Take-Two Interactive Software, Sky News reported on Sunday.

EA was working with bankers at UBS Group AG on its offer, the report said, adding that the offer value was unclear.

However, it was likely to be at a substantial premium to Codemasters’ closing share price on Friday of 5.34 pounds ($7.14) per share, Sky said, citing a source.

Electronic Arts had no comment on the report. Codemasters did not immediately respond to a Reuters request for comment.

Last month, UK-based Codemasters, which makes Formula 1 games, had agreed to Take-Two Interactive Software Inc’s buyout offer of 4.85 pounds per share.

The cash-and-stock offer gave Codemasters an equity value of about 759 million pounds, and the deal was expected to close in the first quarter of 2021.

It was unclear how Codemasters could potentially extricate itself from that deal.

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