Electronic Arts launches hostile offer for Take-Two

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.

View: Full Article @ Reuters

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