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Codemasters execs approve EA's acquisition offer

Still needs the backing of other shareholders
Codemasters execs approve EA's acquisition offer

Codemasters execs have given the nod to Electronic Art's bid for the company.

As reported by VGC, the firm's CEO Frank Sagnier, CFO Rashid Varachia and executive director Ian Bell hold a combined stake of 4.34 per cent in Codemasters, and are willing to see EA take over.

However, while the trio of execs has agreed to cote for the deal, they will need the backing of other shareholders for the acquisition to take place.

The meeting to determine the future of Codemasters is to be held on February 3rd. However, the board of directors has already implored stakeholders to consider EA's offer.

"Shared ambition"

Initially, it was Take-Two that showed an interest in acquiring the UK racing specialist.

However, Electronic Arts swooped in and topped its competitor's offer, with a staggering $1.2 million deal of its own.

“Electronic Arts and Codemasters have a shared ambition to lead the video game racing category," said Codemasters chair Gerhard Florin.

"The Board of Codemasters firmly believes the company would benefit from EA’s knowledge, resources and extensive global scale – both overall and specifically within the racing sector.

"We feel this union would provide an exciting and prosperous future for Codemasters, allowing our teams to create, launch and service bigger and better games to an extremely passionate audience."