| Take-Two Interactive Software Announces Lapse of Offer to Acquire Codemasters Group Holdings Take-Two Interactive Software today announced that following the December 14, 2020 announcement by the Board of Codemasters that it had withdrawn its recommendation of the Company’s offer to acquire Codemasters Group Holdings, Take-Two has, with the consent of the Panel, lapsed its offer. As noted in the Scheme Document dated November 30, 2020, Take-Two was entitled to lapse the offer if the Court Meeting and General Meeting were not held on or before the 22nd day after the expected date of such Meetings set out in the Scheme Document. The expected date of such Codemasters’ Shareholder Meetings set out in the Scheme Document was December 21, 2020, and the 22nd day after such date was January 12, 2021. Codemasters’ Shareholder Meetings were not held on or before January 12, 2021 and Take-Two has not extended this date. As a result, the Co-operation Agreement has automatically terminated in accordance with its terms.
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 Company’s long-term growth and deliver results to its shareholders. |
