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SUNDAY, NOVEMBER 22, 2009
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EA Gets Hostile in 'Grand Theft' Takeover Bid

Video game maker plans to bypass Take-Two management

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(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.

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.
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)
This is a screencapture from Bioshock, a Take-Two Interactive product.
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 but lucrative
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 but lucrative
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
This image from the video game "Grand Theft Auto IV."   (AP Photo/Rockstar Games)
Game maker Electronic Arts is taking its takeover bid of Take-Two Interactive directly to shareholders.
Game maker Electronic Arts is taking its takeover bid of Take-Two Interactive directly to shareholders.   (AP Photo/Paul Sakuma)
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hostile takeover • acquisition • EA Sports • Electronic Arts • Take-Two Interactive Software • Grand Theft Auto IV

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