EA goes hostile for Take-Two
Electronic Arts makes a $26-per-share tender offer for all outstanding shares of game publisher Take-Two.
Updated March 13, 12:45 PM PDT, to reflect the announcement by EA.
Electronic Arts has launched a $26-per-share tender offer for all outstanding shares of game publisher Take-Two following the rejection of an unsolicited bid.
The bid for the rival publisher of the Grand Theft Auto game places the value of Take-Two at $2 billion. Announced Thursday, the EA tender offer is set to expire April 11 at midnight Eastern Time, unless extended.
The news was first reported by The Wall Street Journal on its Web site Wednesday night, citing people familiar with the matter.
In February, EA issued asaying it had made an earlier offer to Take-Two that was rejected and that it was boosting the per-share price it was willing to pay to make the deal worth $2 billion. But Take-Two quickly issued its own announcement, saying it thought EA's offer was too small and that it would prefer to wait to have any negotiations with anyone until after the April 29 release of Grand Theft Auto IV, which is expected to be a hit.