Take-Two Interactive has confirmed that it has made a \”possible offer\” to fully acquire UK-based racing studio Codemasters in a deal that Reuters says will be worth $973 million. Assuming the deal is completed, the buyout would also give Take-Two ownership of Project Cars developer Slightly Mad Studios.
The offer will be contingent upon multiple factors, Take-Two said in a statement, including the completion of due diligence and a thumbs-up from the Codemasters board of directors. That part of it seems like a done deal already, as Codemasters said in a statement of its own that the board intends to \”recommend unanimously that Codemasters\’ shareholders accept the Possible Offer.\”
\”Take-Two believes that the combination of Take-Two and Codemasters would bring together two world-class interactive entertainment portfolios, with a highly complementary fit between Take-Two\’s 2K publishing label and Codemasters in the racing genre,\” the publisher said.
\”In addition, Take-Two believes that it can bring benefits to Codemasters\’ performance by leveraging Take-Two\’s global distribution network and 2Kâ€™s core operating expertise in publishing, including live operations, analytics, product development, and brand and performance marketing.\”
Under the rules of the UK City Code on Takeovers and Mergers, Take-Two must either commit to making an offer for Codemasters, or walk away from the process, by December 4.Â