Take-Two Reject EA's $2 Billion Offer News

Following the earth shuddering merger that saw Activision become part of the Vivendi empire, forming the largest player in the videogame market with Activision Blizzard, it seems EA has its sights on regaining the top slot with confirmation of a $2 billion bid for Take-Two Interactive.

Presumably with eyes fixed squarely on the looming return of GTA, details of EA's tender for Take-Two and all of its subsidies and development studios hardly comes as a surprise given the wave of consolidation sweeping through the industry.

Making the statement public, it had been suggested that EA's offer was made over two weeks ago, the lack of reply sparking EA CEO John Riccitiello to announce the move to the stock exchange.

Responding today however, Take 2 has rejected the bid maintaining that it was "not in the best interests of its shareholders".

"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," said a Take-Two statement.

"Furthermore, the offer values the Company at a significant discount to its public peers and does not compensate Take-Two for its intrinsic value and the substantial synergies that the proposed combination would create."

Of course this doesn't rule any acquisition out, Take-Two shareholders could still agree that the acquisition is the best move forwards; so expect further details on this situation soon.