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My understanding is £1.20 in cash per share then £3.65 in Take Two shares for every Codemasters share. So an example holding of 1000 CDM would net £1200 cash then £3650 worth of TT shares. Converted to c.$4700 would give 26 TT shares priced at $180. These are estimate/rounded figures
Bid around 7x sales which seems ok, but not great for a change of control. Let's hope we see other suitors come out of the woodwork! However, if it does go through, I'll be selling down the UK share and not waiting for the US shares as my platform is UK shares only.
I've followed this company for over a year but never got round to buying shares
Looks like too late now so well done everyone who is in but I agree this seems a very low offer considering the financials are rock solid plus they gave the copyright to F1 and fast& furious so surprised the owners are supporting it.
I though this could have comfortably 10x from here especially with uk stocks in general being very undervalued at present but always felt it could get gobbled up by a big company who prefer to buy a driving games division than develop one themselves
If that's the case, this will be an interesting situation. On a forward looking PE this is the cheapest gaming UK company vs. others like Team17, Frontier, etc. Obviously the company directors will be justifying their decision to the main holders, however they need all of them to vote in favour.
Given the fairly cheap offer and the fact that i see no language from the bidder at the moment,ruling out a possible increase should any other bidder come in, all possibilities are on the table. Early days. Lets just wait and see.
So circa 52% held by institutional investors and circa 4.5% by directors (not much really)
Would have thought the institutional investors would want some competition to buy CDM.......it could be the directors have been promised good jobs post merger and/or great shareholdings in merged companies.
Director Holdings
Director Type Volume / Price Value % Held
W.I. Bell EX 697,510 @ 0.00p £0 1.25
F.T. Sagnier SELL 450,000 @ 260.00p £1,170,000 2.15
R.I. Varachia SELL 200,000 @ 260.00p £520,000 0.97
Institutional Holders
Shareholder %
Slater Investments 9.91
Slater Growth Fund 6.86
Soros Fund Management 9.48
Swedbank Robur Fonder AB 9.08
Swedbank Robur Ny Teknik 6.71
Sand Grove Capital Management LLPHedge Fund 5.55
Artisan Partners Limited Partnership 5.19
Artisan International Small-Mid Fund 4.69
Capital Research Global Investors 4.96
Tellworth Investments LLP 4.37
Hi all
New on this BB , but not LSE.
Agree with the sentiment here.
Offer is 485p but actually 120p cash and you get equivalent value (360p) of shares in Take Two. Considering they are c. $170 you won’t get many.
Apart from the conversation, so you won’t have to pay fees to get them....why bother?
Officially- on the RNS- CDM are saying share holders should back the bid. You could just sell your shares for around 485p now any way, so why bother with all that bit of cash and shares you could buy anyway.
Not seeing the upside on the deal for share holders - other than the price went up8%.
Puzzled
That is correct, however until someone else come in, there is only this offer. I would assume the top holder(s) would have been consulted prior to the Friday company statement to get a feedback from them. Do we know how many shares are held by the company founders?
#CDM
https://wccftech.com/take-two-in-talks-to-buy-codemasters-for-740m/
"What should be noted is that this could very well lead to interest, and a higher offer, from companies like Tencent, Electronic Arts, Activision and potentially even Sony"
I think Codemasters has progressed really well for a young company following Team 17, Sumo, Keywords and Frontier etc all doing well for shareholders. This sector is still growing so don't see the need to be bought out at this stage. Is a good deal for shareholders ? No I would say
Tony
That's a cheeky cheap offer.
No lasvelas is a tax free wrapper. Obv there are some other considerations like exchange rate risk and other smaller fees for US stocks but not capital gains etc
Does anyone know if any capital gains tax is payable at source if selling US shares held in an ISA?
I am trying to determine should this offer go through and shares of the US listed company were given to us whether anything would be taken by the IRS on any future disposal. Lets ignore dividends.
Lowball offer. We're still very cheap compared to other gaming companies.
not sure who other bidders could be but Microsoft is possible as they have just gone back into games.......
So we have a takeover bid but it is only a premium of circa 8%........seems low to me. Wonder whether this will kick off a bidding war?
This is only my opinion but it's the best racing game I've ever played. It's not easy unless if you put drift aid high. Either way you really feel like racing. I'm not a gaming addict but for sure, this game is superb.
How is it? It seems to be well received from what i've seen online.
I'm pre-loading dirt 5 onto my pc.
Massive file size
V good volume today and a nice rise against the background of poor market generally. Nearly at all-time high - something afoot?
510p TP
Bit surprised by today's revenue figures - as I'd written previously, I had predicted that the sales of the two games released by Slightly Mad Studios would be underwhelming. £80.5m of revenue for H1 2021 is without doubt a strong performance, but what can we determine about revenues from Fast & Furious Crossroads and Project CARS 3. I'm inclined to stick with my previous assertion that these games didn't have strong sales, and as Codemasters suggests F1 2020 was particularly strong. Some thoughts and 'back of the fag packet' calculations...
https://riverotter.co.uk/2020/10/07/round-up-codemasters-h1-2021-revenues-audioboom-in-canada-and-renewable-energy-yieldcos/
The reason we have a muted response to an excellent RNS is I suspect, that for whatever reason (maybe to re-balance their portfolios, HSBC and Sangrove are II sellers into the raise. Once they have cleared, then this should start to reflect something like true value
Would be good to get an understanding of how the relationship and revenue is coming along with Bidstack through in game advertising, GRID, Dirt 2.0 and Dirt 5 known to be using their ad tech.