Over the past two months, we have followed a kind of auction war for the acquisition of the race game developer, code masters. In early November, Take-Two announced that it would buy the F1 developer for a considerable amount of $973 million, until December, when EA has launched $1.2 billion.
We did not know at the time how these competing offers would take place, but today, Take-Two Interactive announced that its offer was officially obsolete.
Take-Two Interactive Software Inc., has published a statement in a press release on Business Wire explaining the situation:
As noted in the Document Scheme (the Document Scheme ) dated November 30, 2020, Take-Two was entitled to cancel the offer if the Assembly of the Tribunal and the General Assembly did not stand the or before Day after the scheduled date of these meetings indicated in the project document. The expected date of these Code masters shareholders assemblies set out in the program document was on December 21, 2020, and the 22nd on the day following this date was January 12, 2021. The assemblies of Code masters shareholders did not take place The or before January 12, 2021, and Take-Two did not extend this date. As a result, the cooperation agreement has ended automatically in accordance with its terms. »
To make a brief, one of the conditions of this offer is that Code masters would hold a general meeting or before January 12, 2021, to discuss the offer, the meeting did not take place within this period and Take-Two. Has not proposed a date extension, so the company's offer is obsolete.
We do not know if Code masters wanted this offer to expire or not, but given the higher offer put on the table by EA, it is unlikely that the developer would have accepted the offer of Take-Two anyway.
Now the ball is entirely in the EA camp as they work to seal the agreement with code masters.
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