CDM.L Share News (CDM)

(Sharecast News) - Codemasters will recommend a takeover offer from US-based Take-Two Interactive if its American suitor makes a firm commitment.
At present, Take-Two Interactive's offer for the UK video game publisher and developer is non-binding.

The proposal values the UK firm at 485.0p per share, comprised of 120.0p in cash and 365.0p in Take-Two Interactive shares.

Previously, Take-Two had said that transaction close was conditional on completion of the confirmatory due diligence procedure and a recommendation from the board of Codemasters to shareholders to accept the offer.

However, Take-Two had also reserved the right to waive any of those requirements.

Shares of Codemasters finished the Friday session 8.62% higher to 472.5p.