The GTA parent had agreed an offer to purchase the veteran racing game firm, valuing it at $980m, but it was later outbid by EA which agreed an increased offer of $1.2 billion. The Codemasters board then withdrew its recommendation for Take-Two's offer.
On Wednesday Take-Two said that, with the consent of its board of directors, it's now lapsed its offer to Codemasters.
The company's action is possible due to a clause which said it could pull its offer should Codemasters not hold a Shareholder Meeting related to the potential acquisition on or before January 12.
Following the first news of EA's accepted offer in December, Take-Two had said it was considering its options.
On Wednesday the company did not explicitly state that it wouldn't return with an increased offer for Codemasters, but its statement appeared to suggest it was now considering other acquisition targets.
"Take-Two remains a highly disciplined organization and, with its strong balance sheet, will continue to pursue selectively organic and inorganic opportunities that are designed to enhance the Take-Two's long-term growth and deliver results to its shareholders," it said in a statement.
Take-Two officially pulls its offer for Codemasters following accepted EA bid | VGC
GTA parent says it will "continue to pursue" acquisition opportunities after it was outbid…
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