Take-Two Interactive No Longer Bidding on Codemasters
Paving the Way for EA to Seal the Deal
Over the last couple of months we’ve been following a sort of bidding war for the acquisition of racing game developer, Codemasters. In early November Take-Two announced that they would be purchasing the F1 developer for a hefty sum of $973 million USD, that is until December when EA put in a counterbid of $1.2 billion USD.
It wasn’t clear at the time how these competing offers would play out, but today, Take-Two Interactive has announced that their offer has officially lapsed.
“As noted in the Scheme Document (the “Scheme Document”) dated November 30, 2020, Take-Two was entitled to lapse the offer if the Court Meeting and General Meeting were not held on or before the 22
13/01/21 Comments Closed
Take-Two have officially dropped their offer to buy Codemasters which they originally had confirmed to be completed at some point in the first quarter of 2021, and that the purchase will cost Take-Two £726 million/$956 million. The deal had been approved by the boards of directors from both Take-Two and Codemasters.
However, a few weeks later in December, EA offered a counterbid with around a third more cash on the table. That deal was also accepted by the board of Codemasters leaving Take-Two in limbo. Here’s the rather technical statement from Take-Two.
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Take-Two Interactive Software, Inc. (NASDAQ: TTWO) today announced that following the December 14, 2020 announcement by the Board of Codemasters that it had withdrawn its recommendation of the Company’s offer to acquire Codemasters Group Holdings PLC, Take-Two has, with the consent of the Panel, lapsed its offer. As noted in the Scheme Document (the “Scheme Docu
On 31 December 2020, the boards of Connells and Countrywide announced that they had reached agreement on the terms of a recommended cash offer by Connells for Countrywide (the Recommended Offer Announcement ), pursuant to which Connells will acquire all of the issued and to be issued share capital of Countrywide (the Acquisition ).
Today, Connells is pleased to announce that it has acquired the entire shareholding of 1,919,995 Countrywide Shares held by Schroder Investment Management Limited ( Schroder ), representing approximately 5.85 per cent. of the existing issued ordinary share capital of Countrywide as at 6 January 2021, being the last Business Day prior to the date of this announcement.
Scheme Effective Date 26 February 2021
Delisting of TP ICAP Ordinary Shares, Admission of New TP ICAP Ordinary Shares to listing on the premium listing segment of the Official List
by no later than 8.00 a.m. on
26 February 2021 on or soon after 8.00 a.m. on 26 February 2021
New TP ICAP Reduction of Capital becomes effective by no later than 1 March 2021
Dispatch of share certificates in respect of New TP ICAP Ordinary Shares by no later than 12 March 2021
The times and dates given in the table above are based on the Directors expectations as at today s date and may be subject to change. The times and dates are indicative only and will depend, among other things, on the date upon which the Court sanctions the Scheme and the date on which all relevant conditions are satisfied or, if capable of waiver, waived. The timetable is also dependent on (i) when the Court Order sanctioning the Scheme and the associated reduction of capit