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Take-Two Reject EA's $2 Billion Offer News
Chris Leyton
25/02/2008
GTA and Bioshock publisher rejects EA's offer, claiming its not in shareholders best interest...
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.
Anonymous
Date Added:Wed 27th Aug 2008 12:46
firstmitsukai
Date Added:Wed 20th Aug 2008 20:58
gfh-77
Date Added:Mon 7th Jul 2008 16:14
yep the promotional codes for points and gamer pics no longer works, the codes have now expired even though there's no expiration date. nice one microsoft... [ Read full comment... ]
Anonymous
Date Added:Fri 20th Jun 2008 15:55
randomuser
Date Added:Wed 18th Jun 2008 00:05
Anonymous
Date Added:Tue 17th Jun 2008 01:47
gfh-77
Date Added:Sat 7th Jun 2008 08:10
gfh-77
Date Added:Sat 7th Jun 2008 08:06
Date Added:Tue 20th May 2008 11:56
where the love is the xbox 360 patch aint no update for us just love in Sony n its love in ps3 love dat n sort out 360 as well wiv it goin down in price it will b like all past consoles a flopp its getti... [ Read full comment... ]
Anonymous
Date Added:Fri 6th Jun 2008 20:16
Anonymous
Date Added:Fri 6th Jun 2008 10:27