EA Gets Hostile in 'Grand Theft' Takeover Bid

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. (More acquisition stories.)