Legit Reviews

Legit News

Electronic Arts Offers $2B for Take-Two

Electronic Arts Inc. said Sunday it was pushing ahead with a bid to take over upstart gaming rival Take-Two Interactive Software Inc., despite rebuffs from the smaller company. EA said in a statement that it was making an all-cash bid of $26 per share, or about $2 billion, for New York-based Take-Two, known for its "Grand Theft Auto" franchise.

The offer represents a 64 percent premium over Take-Two's closing stock price of $15.83 on Feb. 15, the last trading day before Redwood City-based EA made its proposal. Take-Two shares closed at $17.36 Friday. "There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today," EA Chief Executive John Riccitiello wrote in a letter to Take-Two released Sunday.

Associated Press

Posted by | Mon, Feb 25, 2008 - 09:07 AM