Published in News
EA makes hostile takeover bid for Take-Two
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.