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Take-Two rejects EA's offer - Willing to negotiate

24 February 2008

Recently videogames giant Electronic Arts proposed a $2 billion deal to acquire Take-Two Interactive.

EA’s Chief Executive Officer John Riccitiello explains how the deal could have been beneficial for both EA and Take Two:

"Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders. Take-Two's game designers would also benefit from EA's financial resources, stable, game-focused management team, and strong global publishing capabilities."

If it went through, EA would have gained control of yet another bundle of powerhouse studios such as Rockstar Games and 2K Games, both of which run under Take-Two Interactive. To EA’s surprise, Take-Two has rejected the offer detailing that it was just bad timing. This does not mean complete rejection as Take-Two is willing to enter into negotiations once again starting April 30, 2008, the day after Grand Theft Auto IV releases.

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