Last year it was revealed that both EA and Take-Two were in a bidding war to acquire Codemasters, the developers behind popular racing franchises like Dirt and F1. At first it looked like Take-Two was going to acquire it, but then EA outbid them shortly after and now Take-Two has officially withdrawn, leaving codemasters in the hands of Electronic Arts.
Take-Two Interactive - the parent company behind massive titles like Grand Theft Auto V - initially set the bid at $980 million, but EA increased the offer to $1.2 billion. Following EA's new offer, Take-Two has agreed with it’s board of directors to withdraw their bid. However, it looks like this won’t be stopping Take-Two from attempting to acquire other companies…
“Take-Two 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 Take-Two’s long-term growth and deliver results to its shareholders,” Take-Two said in a statement.
The acquisition of Codemasters by Electronic Arts is expected to finalize sometime in Q1 2021, so at least by the end of March this year.
“We believe there is a deeply compelling opportunity in bringing together Codemasters and Electronic Arts to create amazing and innovative new racing games for fans,” said EA’s CEO, Andrew Wilson, before the acquisition. “Our industry is growing, the racing category is growing, and together we will be positioned to lead in a new era of racing entertainment.”
Last year we published an Up For Debate asking you who would you prefer to win the Codemasters bidding war? To which an astounding amount of you preferred Take-Two over EA with 143 votes to a measly 21.
What do you think? How will this affect the future of Codemasters? Do you think they are in good hands at EA? Or could this be their downfall? Let us know your thoughts!