Take Two withdraws Codemasters acquisition bid following EA offer

By Heidi Nicholas,
Just last month, EA announced an acquisition offer of Codemasters of $1.2 billion. Take-Two, which had made a previous offer, has now officially withdrawn its bid.

Dirt 5

EA also announced its expectation that the acquisition of Dirt 5 developer Codemasters would take place in the first quarter of 2021. Following EA's offer, Take-Two stated that it was "considering its position in relation to Codemasters" and would follow up with a further announcement. Now, the company's official statement reads that it has "lapsed its offer" but remains a "highly disciplined organization and, with its strong balance sheet, will continue to pursue selectively organic and inorganic opportunities that are designed to enhance the Company's long-term growth and deliver results to its shareholders."

The way now looks clear for EA to acquire Codemasters. Gerhard Florin, Codemasters chairman, had previously stated that "Electronic Arts and Codemasters have a shared ambition to lead the video game racing category" and that the company "would benefit from EA’s knowledge, resources and extensive global scale – both overall and specifically within the racing sector," while EA's CEO Andrew Wilson added, "there is a deeply compelling opportunity in bringing together Codemasters and Electronic Arts to create amazing and innovative new racing games for fans." EA hasn't commented on Take-Two's withdrawn bid or on its own plans for Codemasters, but if it expects to acquire the developer in the first quarter of this year, we might hear more soon.
Heidi Nicholas
Written by Heidi Nicholas
Hey, I'm Heidi! I've been a staff writer for TrueAchievements and TrueTrophies since 2019. I love open-worlders, RPGs, and fantasy games, am obsessed with tea, and forever loyal to The Witcher 3 and Red Dead 2.