Electronic Arts made an unsolicited $2 billion bid on Sunday for Take-Two Interactive, publisher of the Grand Theft Auto franchise and parent company of Firaxis Games.
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EA offered to pay $26 a share for Take-Two (TTWO), which is a 50% premium over its $17.36 closing price on Friday. EA made the offer public after Take-Two’s board of directors rejected the offers.
In response, Take-Two said the proposed acquisition substantially undervalued its franchises, creative talent, and consumer loyalty. In addition, they said the timing is not right since Grand Theft Auto IV is scheduled to release on April 29 and that they would be willing to talk with EA after the game is released.
More Links:
- Electronic Arts Offers $2 Billion for Take-Two (NY Times)
- Q&A: EA CEO speaks on proposed Take-Two deal (GameSpot)
- Analyst expects EA hostile takeover of Take-Two (GameSpot)