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EA Maneuvers to Nab 'Grand Theft Auto'

Video game giant pushing $2B hostile bid for rival Take-Two

By Wesley Oliver, Newser Staff

Posted Feb 25, 2008 8:08 AM CST

(Newser) – Video game kingpin Electronic Arts disclosed yesterday a $2 billion hostile takeover bid to acquire rival Take-Two Interactive Software, and capture the popular “Grand Theft Auto” franchise. EA, publisher of Madden NFL titles, said the $26-a-share offer represented a 50% premium over Take-Two’s closing price on Friday, but Take-Two’s chairman complained the offer was “woefully undervalued.”

Take-Two will release “Grand Theft Auto IV” in April, and its exec added that any takeover talks would distract the company. EA warned an independent Take-Two was ill-equipped to face the escalating costs of game development, and said its offer marks the latest sign of consolidation in the gaming business, the Wall Street Journal writes.

[Images (6)]

[Videos (1)]

In this photo released by Rockstar Games shows a scene from Grand Theft Auto IV. Electronic Arts launched an unsolicited $2 billion offer to acquire Take-Two Interactive Software, the game's publisher,... (Associated Press)

This image from the video game "Grand Theft Auto IV" was provided by publisher Rockstar Games. The latest chapter in Rockstar%u2019s crime franchise, which was scheduled for fall, has been bumped back... (Associated Press)

Electronic Arts, of Redwood City, Calif., said Sunday that it was making public an offer of $26 a share for Take-Two of New York after Take-Two's board rejected the deal last week as insufficient, the... (Getty Images)

EA, of Redwood City, Calif., said Sunday that it was making public an offer of $26 a share for Take-Two of New York after Take-Two's board rejected the deal last week as insufficient. The offer represents... (Getty Images)

If EA's bid is successful, it would give the maker of Madden NFL football and The Sims control over Grand Theft Auto, a franchise that is as well known for its controversial depictions of violence as... ((c) raybdbomb)

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Grand Theft Auto IV - Trailer #3! - "Move up, Ladies" (GTAmissions (YouTube))

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EA Maneuvers to Nab 'Grand Theft Auto'