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Codemasters accepts rival £945m bid from Electronic Arts
StockMarketWire.com
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Video games developer Codemasters said it had agreed to accept a £945 million takeover offer from Electronic Arts that had trumped a rival bid from Take-Two Interactive.
EA offered 604p per Codemasters share, above a cash and shares offer lobbed last month by Take-Two.
Codemasters said EA's bid represented a 14.4% premium to the value of 528p per Codemasters share implied by Take-Two's offer.
'Electronic Arts and Codemasters have a shared ambition to lead the video game racing category,' Codemasters chairman Gerhard Florin said.
'The board of Codemasters firmly believes the company would benefit from EA's knowledge, resources and extensive global scale - both overall and specifically within the racing sector.'
'We feel this union would provide an exciting and prosperous future for Codemasters, allowing our teams to create, launch and service bigger and better games to an extremely passionate audience.'
Story provided by StockMarketWire.com
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