Electronic Arts Inc on Thursday launched a hostile offer for rival video game maker Take-Two Interactive Software Inc at $26 a share, taking the $2 billion bid directly to stockholders.
Take-Two, publisher of the popular "Grand Theft Auto" or "GTA" series, last month rejected EA"s unsolicited all-cash offer at the same price. The bid represents a 64 percent premium over Take-Two"s closing stock price on February 15, the last trading day before EA sent the proposal to the company.
"We believe that the offer we made is compelling. It is a full price and the longer we go on, the less valuable the asset is to us. At least so far, Take-Two"s board is indicating they don"t want to negotiate," EA Chief Executive John Riccitiello told Reuters in an interview.