Senior code administrators will vote for a deal with Electronic Arts.
According to VGC reports, Electronic Arts’ bid to acquire Codemasters is one step closer to reality. According to the report, Codemasters CEO Frank Sagnier, CFO Rashid Varachia and Executive Director Ian Bell have agreed to enter into a deal with EA.
It will vote on February 3 and still needs shareholder approval. It is recommended to vote for it. Once shareholders agree, a hearing will be held on February 16 to consolidate the transaction.
Even if a shareholder agreement has not yet been reached, the decision by Codemasters executives to vote for the transaction is still binding. This means that if another company bids higher, Codemasters is still legally obliged to accept EA’s offer. Of course, unless EA withdraws the offer or the offer expires (thank you GI.biz).
On December 14, EA made a $1.2 billion acquisition offer to Codemasters, which is more than the $994 million offer made by Take-Two in November. This caused Take-Two to withdraw its offer instead of offering a set-off against the sum of EA.