Seriously, EA, We Reject That Offer

You'll recall that earlier this month Electronics Arts decided to take its $26 /share offer directly to Take-Two Interactive shareholders, going hostile.

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.
Tags:  ECT, EA