The buyout is expected to be finalized by the end of the first quarter
Most shareholders of Codemasters have voted to approve EA’s US $ 1.2 billion proposal to acquire the UK developer.
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According to VGCThe company’s shareholders voted remotely on Wednesday (3 February) to approve the deal. The meeting was attended by 76 shareholders, of whom 63 voted in favor of the acquisition and represented 99 percent of the shares.
However, EA’s purchase of Codemasters is not yet a deal. The company is set to attend a court hearing on February 16 to legally approve the purchase according to competing laws, VGC Added.
If approved, the trading of shares of Kodmasters will be suspended and subsequently removed from the London Stock Exchange. The deal is expected to be finalized by the end of the first quarter of 2021.
Earlier this week, EA revealed plans to release racing games every year after successfully acquiring Kodmasters. The company noted that the inclusion of the developer in its portfolio would make it “a global leader in racing entertainment” and would “enable EA to release new racing experiences annually”.
“These are amazing teams that we know well, and we are adding to our racing portfolio to drive growth,” said Andrew Wilson, CEO of EA. “We believe a combination of EA Sports and Kodmasters can take the sports franchise to an even greater level.”
Prior to EA’s offer, Take-Two Interactive announced its intention to acquire CodeMasters. The company said it had proposed to “acquire the entire issued share capital” of Codmasters valued at £ 739.2 billion (US $ 973.01 billion). At the time, the Codemaster was eager to “unanimously recommend to the Board that the shareholders of Codemasters accept the possible”.