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Take-Two Officially Drops Its Codemasters Acquisition Bid

by Rainier on Jan. 13, 2021 @ 10:56 a.m. PST

Take-Two Interactive announced that following the earlier announcement by the Board of Codemasters that it had withdrawn its recommendation of its offer to acquire Codemasters, Take-Two has lapsed its offer.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.

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.

Capitalized terms used and not defined in this announcement have the meanings given to them in the Scheme Document.

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