Take-Two rejects EA’s bid as ‘inadequate’
To the surprise of probably no one, Take-Two Interactive Software has rejected Electronic Arts’ hostile buyout offer. In an announcement Wednesday morning, Take-Two said its board of directors and company officers have recommended that shareholders reject EA’s bid of $26 a share. The board also said it’s developing alternative strategies for possible alliances with third parties, including EA, that would kick in after the April 29 of release of Grand Theft Auto IV.
Take-Two’s board noted that “substantive discussions” about possible alliances have yet to occur, although it did emphasize that the company is now open to them. In its statement, the company said it “unanimously determined that the $26-per-share cash offer is inadequate in multiple respects and contrary to the best interests of Take-Two’s stockholders.”
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