Seriously, EA, We Reject That Offer
Take-Two Interactive Software Inc. told its shareholders not to back Electronic Arts Inc.'s $2 billion takeover offer but said it would begin a review of alternatives that may include a merger.
The videogame publisher of the blockbuster "Grand Theft Auto" franchise also adopted a 180-day poison pill that would kick in once an investor acquired a 20% stake in the company or anyone already above that threshold bought an additional 2% stake.
Electronic Arts began a tender March 13, and Take-Two said at the time it would give investors its opinion within 10 business days.
GTA launches on April 29th, and that is when Take-Two said " it would be open to discussions with third parties about potential combinations." It had already given EA this "message" earlier.