Take-Two Drops Codemasters Bid

Take-Two Interactive announces that their offer to acquire Codemasters has lapsed. In November they announced they'd entered an agreement to buy the racing games specialist, so it seemed like it was a done deal. But a month later it was revealed that Electronic Arts had intervened with a bid of their own. Now Take-Two says the deadline to accept their original bid has lapsed, and they are not extending it:
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) today announced that following the December 14, 2020 announcement by the Board of Codemasters that it had withdrawn its recommendation of the Company's offer to acquire Codemasters Group Holdings PLC, Take-Two has, with the consent of the Panel, lapsed its offer. As noted in the Scheme Document (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.
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Re: Take-Two Drops Codemasters Bid
Jan 13, 2021, 20:10
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Re: Take-Two Drops Codemasters Bid Jan 13, 2021, 20:10
Jan 13, 2021, 20:10
 
As someone that has really enjoyed Codemasters games over the years... this blows.
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Re: Take-Two Drops Codemasters Bid
Jan 13, 2021, 15:09
Kxmode
 
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Re: Take-Two Drops Codemasters Bid Jan 13, 2021, 15:09
Jan 13, 2021, 15:09
 Kxmode
 
It's never a good sign when a company has something called a "Scheme Document."
"Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times." - Those Who Remain by G. Michael Hopf
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Re: Take-Two Drops Codemasters Bid
Jan 13, 2021, 14:24
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Re: Take-Two Drops Codemasters Bid Jan 13, 2021, 14:24
Jan 13, 2021, 14:24
 
Codemasters racing games went straight down the toilet after most of the developers left for Forza and a new group was brought in.
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Re: Take-Two Drops Codemasters Bid
Jan 13, 2021, 12:18
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Re: Take-Two Drops Codemasters Bid Jan 13, 2021, 12:18
Jan 13, 2021, 12:18
 
RIP Codies.
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