EA revises Take-Two acquisition offer, again

The takeover saga between the two video game manufacturers isn't over yet, with EA giving Take-Two a new deadline of Monday night.

Spore isn't the only thing on Electronic Arts' mind. The company still wants Take-Two Interactive.

On Monday, CEO John Riccitiello sent an open letter to Take-Two chairman Strauss Zelnick saying that EA's existing offer to acquire the smaller game manufacturer for $25.74 per share would officially expire just before midnight Eastern time on Monday. It sounds like EA is simply losing patience.

"Given the passage of time, we have to validate the assumptions used in the model to support our offer price of $25.74 per share in cash," Riccitiello's letter read. "In addition, we no longer believe we can integrate Take-Two ahead of the important holiday season."

Over the weekend, the two had discussed the prospect of Take-Two providing a non-public management presentation to EA concerning the company's internal perception of its own value. Zelnick agreed to that, under the condition that EA would enter a confidentiality agreement.

EA originally offered to buy Take-Two in February, almost certainly a response to Vivendi's acquisition of Activision late last year. With Take-Two absorbed, EA would retain its spot as the biggest video game manufacturer.

That original hostile $2 billion offer has already expired. And expired again .

 

ARTICLE DISCUSSION

Conversation powered by Livefyre

Don't Miss
Hot Products
Trending on CNET

Hot on CNET

Saving your life at speed and in style

Volvo have been responsible for some of the greatest advancements in car safety. We list off the top ways they've kept you safe today, even if you don't drive one.