Codemasters has confirmed that it has received a proposal from Take-Two Interactive Software to buy the specialist racing videogamer maker.
Responding to media speculation, Codemasters confirmed that it has received a non-binding proposal from Take-Two to buy Codemasters at a price of 485p per share – consisting of 120p per share in cash and 365p per share payable in Take-Two shares.
Codemasters has confirmed that it would advise shareholders to accept the possible offer following due diligence by Take-Two although was quick to stress that no firm offer had been made at this stage.
Following the later afternoon announcement, shares in Codemasters jumped to 470p – marking an 8 percent gain for the day.
Codemasters is due to announce its interim results on 23 November which will cover the six months ending 30 September 2020.
It confirmed that a further update on the takeover will be made when appropriate to do so.