EA's acquisition bid for Take-Two expires
Friday deadline for game maker's reduced-and-extended offer, rejected last month, passes without action shortly after record-breaking release of Grand Theft Auto IV.
Electronic Arts' hostile bid for Grand Theft Auto producer Take-Two Interactive appears to have ended quietly this week.
The game maker, whoseas inadequate last month, had set Friday as the extended deadline for it to buy up Take-Two's shares. The day came and went without action regarding the takeover from either company.
The updated offer, rejected by Take-Two on April 18, continued to be inadequate and undesirable, according to Chairman Strauss Zelnick at the time. "It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74."
Since then, thehas likely proven Zelnick correct, with first-week sales of $500 million. The game sold 3.6 million copies its first day on the market, shattering the previous all-time launch sales record held by Microsoft's Halo 3.
Take-Two shares were priced slightly above $27 in after-hours trading Saturday morning.
"There is nothing going on right now," Take-Two spokeswoman Meg Maise told AFP on Friday afternoon. "It is in (EA's) court."