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Thursday, 13 March 2008 13:20

EA makes hostile takeover bid for Take-Two

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Offers $26 a share


After
several attempts at gaining control of Take-Two Interactive, EA seems to be going for a hostile takeover.

According to the Wall Street Journal, EA is planning to offer $26 per share for all outstanding Take-Two shares. It also claims that this was, in fact, the price offered to Take-Two privately when EA made its unsolicited bid back in February.

When first offered, the $26 price represented a 50 percent premium on the market price; however, Take-Two shares are currently trading at just under $25.

The original proposal was dismissed by Take-Two, claiming that the offer was too low. Having in mind that the latest installment of Take-Two's popular Grand Theft Auto series is set to appear soon, it is clear why the company chose to wait before accepting such an offer.

More here.
Last modified on Thursday, 13 March 2008 15:39

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