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EA Offers $2 Bil. For Take-Two

sjohnson
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Posted February 25, 2008 - By Stephen Johnson

Take-Two? More like take two billion.

Electronic Arts has offered two billion dollars in a bid to take over Take-Two interactive. Take-Two, so far, has rebuffed EA's offers.

"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.

"Electronic Arts' proposal provides insufficient value to our shareholders and comes at absolutely the wrong time," Take-Two chairman Strauss Zelnick replied in a statement.

At issue: Grand Theft Auto 4. While EA contends a takeover would allow the publishing juggernaut to put its marketing power behind the upcoming blockbuster, Take-Two would like to wait until after the game is released to talk turkey with EA.

Take-Two's was worth $15.83 on Feb. 15, and EA's offer is buy the stock at $26 a share.

Associated Press: Electronic Arts Offers $2B for Take-Two

Tags: Videogames
EA Offers $2 Bil. For Take-Two
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