EA offers US$2 billion for Grand Theft Auto publisher - Digital Arts
Take-Two Interactive Software, publishers of the popular Grand Theft Auto series of games, has received and rejected a US$2 billion acquisition bid from Electronic Arts but left the door open to a possible acquisition later.
The EA bid, which wasn’t made public until shortly before Take-Two announced its rejection Sunday, offered $26 cash per share for Take-Two. At the time the bid was made on Feb. 19, the price represented a 64 percent premium on Take-Two’s Feb. 15 closing price of $15.83. It is currently a 49 percent premium on Take-Two’s Friday closing price.
In its rejection the board of Take-Two said it judged the bid to be “inadequate in multiple respects.”
“Electronic Arts’ proposal provides insufficient value to our shareholders and comes at absolutely the wrong time given the crucial initiatives underway at the company,” Take-Two Chairman Strauss Zelnick said in a statement.
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