Take-Two to buy British videogame developer Codemasters for $973 mln

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(Reuters) - British videogame developer Codemasters Group Holdings <CDM.L> said on Friday it had received a buyout offer from U.S.-based videogame publisher Take-Two Interactive Software Inc <TTWO.O> for 485 pence per share.

Codemasters, which is known for its Formula One games for the Playstation 4, added that the deal term, which values the company at 739.2 million pounds ($973.01 million), comprises of 120 pence per share in cash and 365 pence per share payable in Take-Two shares.

Codemasters' shares were up 8.6% to 470 pence at 1640 GMT, following the announcement. Take-Two's shares were up 2.9%.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Shounak Dasgupta)