 |
|
EA Withdraws Bid for Take-TwoPOSTED September 15, 2008 REDWOOD CITY -- Electronic Arts Inc. announced Sunday that it has droppoed its proposed to acquire Take-Two Interactive Software. The deal was originally proposed in February in an all-cash merger valued at approximately $2.0 billion. Take-Two is the publisher of the popular Grand Theft Auto video game franchise. EA's proposal of $26 per share in cash was rejected by Take-Two for being too low and it refused to give in unless the bid was raised. "While EA continues to have a high regard for Take-Two's creative teams and products, after careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two Interactive Software Inc, EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two." John Riccitiello, Chief Executive Officer of EA, said: "EA is tracking toward a record breaking year. We're launching 15 new games including award-winners like SPORE, Dead Space and Mirror's Edge, great new titles from the Sims, new family titles with Hasbro, and the highest quality slate of EA SPORTS titles on this generation of consoles. We're also expanding beyond our core business with a series of direct-to-consumer launches including Warhammer Online." © Copyright SVDaily.com |
|