Take-Two rejects EA’s takeover bid

Grand Theft Auto publisher Take-Two Interactive Software told its shareholders Wednesday to reject a US$2 billion buyout bid from rival video game company Electronic Arts, saying it’s not enough.But in the same breath the company said it will explore alternatives, even combining with EA or other third parties, to maximize its value for shareholders. But it wants to wait until after April 29, when Grand Theft Auto IV, the latest in the blockbuster series, hits store shelves. The game is by far Take-Two’s most popular and one of the best-selling franchises in the industry.

The $26-per-share bid turned hostile March 13 when Electronic Arts took the offer directly to shareholders. Take-Two’s board had asked for 10 business days to mull over the decision and that time ran out Wednesday. (link)

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