(Alliance News) - Electronic Arts Inc is preparing to make a takeover offer for video game developer Codemasters Group Holdings PLC, with the potential approach expected to disrupt the previously-announced takeover by Take-Two Interactive Software Inc, the Financial Times said on Sunday.
In November, American video game company Take-Two Interactive reached an agreement to buy smaller peer Codemasters in a cash and shares deal worth GBP726 million. Under the deal, Take-Two offered 485 pence per share, comprising 120p per share in cash and 365p in Take-Two shares.
However, according to the FT, gaming behemoth Electronic Arts is now set to make an offer valuing Codemasters at more than GBP900 million.
Sources close to the situation said the bid could be announced as soon as Monday but warned a leak about the counter-offer could complicate things.
https://www.ft.com/content/62652af5-3b04-433f-8519-4b0b61d9b5a6
Shares in Codemasters closed at 534.00 pence in London on Friday, giving the stock a market capitalisation of GBP814 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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