REG - Electronic Arts Inc. Codemasters Grp Hldg - Update to stated post-offer intention statements

Electronic ArtsAnnouncement

13/07/2021 16:40

RNS Number : 1256F
  
Electronic Arts Inc.
  
13 July 2021
  
 

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULES 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").
FOR IMMEDIATE RELEASE
13 July 2021
 
ELECTRONIC ARTS INC.
Rule 19.6(b) Update to stated post-offer intention statements with regard to Codemasters Group Holdings plc
Electronic Arts Inc. ("EA") announces that, further to the completion of its recommended cash acquisition of the entire issued and to be issued share capital of Codemasters Group Holdings plc ("Codemasters"), which was effected by way of  a scheme of arrangement under Part 26 of the Companies Act 2006 on 18 February 2021 (the "Acquisition"), Frank Sagnier and Rashid Varachia, the Chief Executive Officer and Chief Financial Officer of Codemasters, respectively, have decided to step down from their roles at Codemasters.  Their decision was voluntary at their election and not at the request of EA.   
Consequently, EA is updating the statement of intention made pursuant to Rules 2.7(c)(viii) and 24.2 of the Code, set out in the announcement of 14 December 2020 and the scheme document published in connection with the Acquisition on 7 January 2021, that it intended for Codemasters' existing executive management team, including Frank Sagnier and Rashid Varachia, to remain in place following completion of the Acquisition.  Accordingly, this announcement is required under Rule 19.6(b) of the Code.  
Enquiries:



Electronic Arts Inc.
Chris Evenden (Investor Relations)
John Reseburg (Global Communications)


 
+1 650 628 0255
+1 650 628 3601




 
UBS Investment Bank (sole financial adviser to EA)


 
+44 (0)20 7567 8000




Jonathan Rowley
David Descoteaux
Sandip Dhillon







 

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