EA Maneuvers to Nab 'Grand Theft Auto'

Video game giant pushing $2B hostile bid for rival Take-Two
By Wesley Oliver,  Newser Staff
Posted Feb 25, 2008 8:08 AM CST

Video game kingpin Electronic Arts disclosed yesterday a $2 billion hostile takeover bid to acquire rival Take-Two Interactive Software, and capture the popular “Grand Theft Auto” franchise. EA, publisher of Madden NFL titles, said the $26-a-share offer represented a 50% premium over Take-Two’s closing price on Friday, but Take-Two’s chairman complained the offer was “woefully undervalued.”

Take-Two will release “Grand Theft Auto IV” in April, and its exec added that any takeover talks would distract the company. EA warned an independent Take-Two was ill-equipped to face the escalating costs of game development, and said its offer marks the latest sign of consolidation in the gaming business, the Wall Street Journal writes. (Read more Electronic Arts stories.)

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