Friday, March 14, 2008

EA's bid for Take 2 becomes Hostile Takeover attempt

EA is determined to make even more of your games suck.

NEW YORK (Reuters) - Electronic Arts Inc (NasdaqGS:ERTS - News) plans to make a tender offer to acquire all of rival video game publisher Take-Two Interactive Software Inc's (NasdaqGS:TTWO - News) outstanding shares for $26 each, the Wall Street Journal reported on Thursday, citing people familiar with the matter. A spokesman for Electronics Arts was not immediately available.

On February 24 EA made an unsolicited bid of $26 a share, or $1.9 billion, for Take-Two, publisher of the Grand Theft Auto game. Take-Two rejected the bid as inadequate.

Take-Two shares closed up on Wednesday at $24.91 on Nasdaq.

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