EA attempt to acquire Take-Two - fails

Just hours after Electronic Arts Inc. announced that it wants to acquire Take-Two Interactive Software, Inc. in an all-cash merger valued at approximately $2.0 billion - they got ‘NO’ as an answer. Take-Two Interactive is behind the titles like Grand Theft Auto, Manhunt 2, and even more extremely popular titles.

Take Two has said that the offer was at a significant discount to its peers and that it came at “absolutely the wrong time.” Additionally, Take-Two called the bid “highly opportunistic” on the heels of the upcoming release of Grand Theft Auto IV on April 29. Take-Two has offered to enter discussions with EA the day after GTA IV’s release, on April 30.

John Riccitiello, EA Chief Executive Officer
Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders. Take-Two’s game designers would also benefit from EA’s financial resources, stable, game-focused management team, and strong global publishing capabilities. There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today.