Codemasters said it has “shared ambitions to lead the video game racing category” with California-based EA.
“The board of Codemasters firmly believes the company would benefit from EA’s knowledge, resources and extensive global scale both overall and specifically within the racing sector,” it said in a statement.
EA’s offer marks a hammer blow for a planned cash-and-stock deal agreed between Codemasters and Take-Two last month.
Take-Two, parent of the Grand Theft Auto and NBA 2K games, had agreed a deal with Codemasters in early November that initially valued the Warwickshire-based company at around £759m.
EA’s purchase of Codemasters at a valuation above $1bn ranks the global gaming giant’s largest-ever deal.
Electronic Arts outbids Take-Two with US$1.2 billion deal for Codemasters Toggle share menu
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Electronic Arts outbids Take-Two with US$1.2 billion deal for Codemasters Video games maker Electronic Arts said on Monday it had reached an agreement to buy Codemasters in a deal worth US$1.2 billion, trumping an earlier agreement between the British company and rival Take-Two Interactive Software.
An Electronic Arts office is shown in Los Angeles, California, U.S., July 27, 2020. REUTERS/Mike Blake
14 Dec 2020 05:10PM Share this content
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REUTERS: Video games maker Electronic Arts said on Monday it had reached an agreement to buy Codemasters in a deal worth US$1.2 billion, trumping an earlier agreement between the British company and rival Take-Two Interactive Software.
EA Reportedly Attempting to Outbid Take-Two s Nearly $1 Billion Offer to Acquire Codemasters ign.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ign.com Daily Mail and Mail on Sunday newspapers.
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Rival bid shifts Codemasters up a gear thetimes.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimes.co.uk Daily Mail and Mail on Sunday newspapers.