EA Offers $2B for Take-Two
U.S. video game publisher Electronic Arts Inc said on Sunday it wants to buy rival Take-Two Interactive Software Inc, best known for its "Grand Theft Auto" title, for about $2.0 billion in cash.
The $26-per-share offer by Electronic Arts, publisher of blockbuster games like "Madden" and "Need for Speed," represents a 50 percent premium to Take Two's Friday closing stock price of $17.36.
The offer follows months of speculation that Take-Two would be acquired by a major games publisher or media publisher. Take-Two rejected EA's offer, calling it "inadequate," and valued the company at a "significant discount" to peers.
Yes, you read that correctly. Take-Two has already rejected the offer. Hostile takeover, anyone?