Feb 24
EA wants Take-Two for $2 billion, Take-Two says no
This morning, EA announced that it has proposed a deal with Take-Two shareholders to purchase the company. In the deal, Take-Two, publishers of titles such as the Grand Theft Auto series, Bioshock, and Bully, would be bought for $2 billion.
The deal was proposed last week to Take-Two’s Executive Chairman of Board of Directors, Strauss Zelnick. It was then publicly released so that all Take-Two shareholders would be well aware of the deal. EA Chief Executive Officer John Riccitiello made sure that they would need Take-Two’s immediate action, which is most likely because of the upcoming release of Grand Theft Auto IV releasing April 29. Riccitiello mentioned in his statement, “There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today.”
Take-Two has responded to the deal by saying it will be discussing the deal with EA, and has also released a statement:
“We believe EA’s unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry. Furthermore, the offer values the company at a significant discount to its public peers and does not compensate Take-Two for its intrinsic value and the substantial synergies that the proposed combination would create.”
Take-Two has also stated that the proposal was “inadequate in multiple respects and not in the best interests of Take-Two’s stockholders.” In addition, a full press release has been released to explain why Take-Two does not accept EA’s deal.
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BITCHSLAP KA-POW!!!
EA is trying to become the Google of the gaming biz, and I don’t like it one bit…