Take-Two Spurns EA Takeover Bid
Techtree News Staff, Feb 25, 2008 1400 hrs IST
The latest to jump into the fray is gaming great Electronic Arts (EA) -- with its almost $2 billion cash bid to acquire Take-Two Interactive Software.
Big-ticket bids haven't ended... not within a long shot...
The latest to jump into the fray is gaming great Electronic Arts (EA) -- with its almost $2 billion cash bid to acquire Take-Two Interactive Software, publisher of the popular Grand Theft Auto (GTA) series.
However the offer stands spurned by Take-Two, whose board of directors have accused EA of attempting to "cheaply pick up the company" before April 29th when their 'Grand Theft Auto IV' is slated to debut.
Talk of an impending Take-Two take over has been around, but never with EA as possible suitor.
For EA, the major attraction in acquiring Take-Two is the latter's studios (Rockstar, Visual Concepts, Irrational, and Firaxis) and intellectual properties, the company said. An acquisition would be a win-win for Take Two's studios as well as the combined shareholders of both companies, according to EA.
This -- not withstanding the buzz that the proposed takeover might be EA's way of getting back at Activision's $18 billion acquisition of Vivendi's gaming unit last year. To many, that particular acquisition possessed the potential to challenge EA's long-standing dominance in the gaming industry.
Coming back to Take-Two's prompt rejection of EA's offer, Take-Two Chairman, Strauss Zelnick, said they haven't really slammed doors on the deal; but just said that the price isn't right neither is the timing.
However, Zelnick didn't rule out entirely the possibility of further negotiations between the two companies. "We have to see what steps they take. If something happens that creates a reason to do something different, it's our job to do something different," he said. At the same time, he hasn't specified what might constitute "an adequate bid" for Take-Two.
Meanwhile, EA is making it clear that it hopes to clinch a deal quickly for Take-Two, while keeping its options open for a possible hostile bid. "Our objective is to make this a friendly deal, but we have to keep all options open," said Warren Jenson, EA Chief Financial Officer.
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