Early last week Electronic Arts made an offer to acquire Take-Two Interactive Software at $26 per market share, coming to around $2 Billion. Take-Two has reviewed the offer and issued a refusal.
The offer was apparently made at the start of last week, with Take-Two's executive chairman Straus Zelnick refusing the offer on Tuesday. In an attempt to put more pressure on Take-Two, EA CEO John Riccitello took the deal public and hoped that Take-Two shareholders would come to his way of thinking according to Joystiq
EA decided to leave the offer on the table for a little longer - though Take-Two promptly refused the offer for a second time.
Take-Two issued a public statement
on Sunday in which the company claimed that they turned down the offer because it was "inadequate in multiple respects and not in the best interests of Take-Two's stockholders.
A funny side note on the story is the motive behind the proposal and refusal; EA originally cited the impending release of Grand Theft Auto IV
as a reason for being interested and said that they would be very willing to help release the product.
Take-Two on the other hand used the game as the major reason to refuse the offer, pointing out that the release will massively increase the worth of the company.
Will EA leave it at that, or will the company devouring behemoth continue to nibble away at the BioShock
publisher? Let us know in the forums