While the directors are on board with EA’s proposal there are still a few other hoops that need to be jumped through before everything is official and Codemasters is formally acquired by EA as outlined by VGC.
First, the shareholders of Codemasters need to vote and agree to the terms. As VGC notes, the directors are recommending to shareholders that they do vote to move forward with the acquisition. And the after that, a court hearing will be held to approve the deal.
All the while EA still has the ability to rescind their offer or allow it to lapse without finalizing should they change their mind hypothetically for whatever reason. In other words, nothing is locked in just yet, but it is rapidly heading in the direction of acquisition.
Last year, Take-Two made a move to acquire Codemasters but EA was able to swoop in with a deal that the Codemasters board apparently found more favorable, and Take-Two’s offer lapsed as a result.