This press release
reveals that EA's attempt to acquire Take-Two Interactive (
story)
has become a hostile takeover bid (thanks
Voodoo Extreme). EA's overtures have so far been rejected
(
story) amidst claims of competing offers (
story)
and accusations of shenanigans (
story), so EA is bypassing the
board and making their case directly to shareholders with a $26/share
bid: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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