Stirring things up this weekend, Electronic Arts has announced that they've made a $2 billion dollar bid to acquire fellow publisher Take-Two Interactive. According to the press release, this is their second bid in recent weeks, raising the offer from $25 to $26 per share (a premium of 64% over Take-Two's current stock value). The proposal is being made public in hopes of swaying Take-Two shareholders. Here's a little snippet:

In addition to the press release, Electronic Arts has launched EATake2.com, a small information website featuring an FAQ on the proposal and an open letter from EA CEO John Riccitiello.

Update: Quick to respond, Take-Two Interactive has announced that their board of directors have rejected EA's proposal, saying it "substantially undervalues Take-Two’s robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty."

The board also states that EA's offer is highly opportunistic and is attempting to acquire the company at a significant discount by bidding before the release of Grand Theft Auto IV. To counter this, Take-Two has offered to revisit talks with EA on April 30th, the day after GTA4 is scheduled for release.

Comments

	CruZZ_3D 2008-02-25 #1 "The proposal is being made public in hopes of swaying Take-Two shareholders." Is this what it all comes down to nowadays? There isn't one spine between the lot of them.
	Joe[YG] 2008-02-25 #2 Update: Take-Two rejects offer. See full story!
	IeatNvidiots 2008-02-25 #3 Quote: Originally Posted by CruZZ_3D "The proposal is being made public in hopes of swaying Take-Two shareholders." Is this what it all comes down to nowadays? There isn't one spine between the lot of them. Yeah its what shareholders want, and they do not care about the game industry they prob want a quick sell and $$$
	snowcrash512 2008-02-25 #4 "To counter this, Take-Two has offered to revisit talks with EA on April 30th, the day after GTA4 is scheduled for release." haha thats golden, eat it EA