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July 24, 2008 11:15:08 PM CDT

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EA Gets Hostile in 'Grand Theft' Takeover Bid

Posted Mar 13, 08 10:21 AM CDT in Business,  Technology 

(Newser) – Electronic Arts is renewing its $2 billion bid to take over rival Take-Two Interactive—but this time the offer will go directly to the video game maker's shareholders, in a sign the potential deal may be turning hostile, reports the Wall Street Journal. EA’s initial offer was rejected by Take-Two management, who said it undervalued the company, even though the $26 per share represented a 50% premium at the time.

Take-Two closed at $24.91 yesterday after reporting a first-quarter loss, but projecting positive numbers for the year. Analysts say EA could up its offer—set to expire April 11—to finish the deal; or walk away in hopes of picking up the Grand Theft Auto publisher at a further discount in the future.

Source Wall Street Journal

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Electronic Arts video game Madden 08 is on display next to Take-Two Interactive Software video game Grand Theft Auto at Best Buy in Mountain View, Calif.   (AP Photo/Paul Sakuma)
Game maker Electronic Arts is taking its takeover bid of Take-Two Interactive directly to shareholders.   (AP Photo/Paul Sakuma)
This is a screencapture from Bioshock, a Take-Two Interactive product.   (AP Photo)
In this photo released by Rockstar Games shows a scene from Grand Theft Auto IV. Players will be tempted with such seedy choices in Rockstar Games' wildly anticipated ninth entry in their controversial...   (AP Photo/Rockstar Games)
In this photo released by Rockstar Games shows a scene from Grand Theft Auto IV. Players will be tempted with such seedy choices in Rockstar Games' wildly anticipated ninth entry in their controversial...   (AP Photo/Rockstar Games)
This image from the video game "Grand Theft Auto IV."   (AP Photo/Rockstar Games)
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acquisitions  • hostile takeover  • Electronic Arts  • Grand Theft Auto IV  • Take-Two Interactive Software  • EA Sports


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