.DX.
Power Member
Electronic Arts today announced that it has proposed to acquire Take-Two in an all-cash merger valued at approximately $2.0 billion.
The news follows weeks of rumors that Take-Two would be the subject of an acquisition bid, with Viacom touted as a possible suitor at $1.5 billion. EA has, it turns out, attempted to buy Take-Two for $25 a share, and, after being rebuffed, has upped the ante by a buck. But the firm has warned shareholders that they won't get a better price.
http://www.n4g.com/industrynews/News-115202.aspx
BREAKING - Take Two Fires Back at EA
press release from Take Two:
After careful evaluation, the Board has determined that EA’s proposal substantially undervalues Take-Two’s robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty.
We believe EA’s unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry.
Take Two also sent GamePolitics the text of a series of letters between Zelnick and EA CEO John Riccitiello:
http://gamepolitics.com/2008/02/24/breaking-take-two-fires-back-at-ea/
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