Monday, February 25, 2008

Electronic Arts Offers To Acquire Take-Two Software, Gets Rejection

Redwood City-based Electronic Arts said Sunday that it has proposed to take over game publisher Take-Two Interactive Software in a $2.0B deal. However, the firm said that Take-Two Software has rejected the offer, where Electronic Arts had offere $26 per share in cash for the firm. Take-Two Software is the publisher of "Grand Theft Auto." Electronic Arts said the offer was made in a letter sent on Feb. 19th to EA CEO John Riccitiello; the offer was rejected by Take-Two's board. EA disclosed its offer publicly Sunday and said that it would give Take-Two's shareholders and board of directors further time to consider the bid.