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Codemasters Board Agree to Vote to Sell Electronic Arts Studios
Codemasters CEO Bian Bell, CEO Frank Sagnier and CFO Rashid Varachia have agreed to vote to close Electronic Arts’ acquisition of the studio.
Their decision is mandatory – even if another company makes a better offer, they still have to sell the studio to Electronic Arts. However, the deal could still be thwarted if EA itself abandons Codemasters or the offer expires.
The vote, which will take place on February 3, should also garner support from Codemasters shareholders. The board encouraged them to vote for the deal. If the shareholders approve the proposal, the deal will be closed at a court hearing on February 16. Bell, Sagnier and Varachia own a combined 4.34% of the studio.
Recall that Electronic Arts offered about $ 1.2 billion for Codemasters.