Codemasters in discussions with Take-Two regarding possible offer

Video games developer Codemasters confirmed on Friday that it was in discussions with Take-Two Interactive regarding a possible offer for the company.

Codemasters said it had received a non-binding proposal from Take-Two to acquire the entirety of Codemasters the group at a price of 485.0p per share, made up of 120.0p per share in cash and 365.0p per share in Take-Two shares.

The AIM-listed group said the possible offer remained conditional on the completion of confirmatory due diligence by Take-Two and the recommendation of its own board.

Codemasters intends to recommend unanimously that shareholders accept the offer.

Elsewhere, Codemasters released its DiRT 5 rally title for PlayStation 4, Xbox One and PC on Friday, with versions for next-generation consoles set to release next week.

As of 1645 GMT, Codemasters shares were up 8.05% at 470.0p.