EA logs hostile offer for Take-Two
FROM VARIETY: Takes bid to shareholders
By Ben Fritiz of Variety -- Video Business, 3/14/2008
MARCH 14 | FROM VARIETY: With Take-Two Interactive's board refusing to budge in its opposition to the deal, Electronic Arts has turned its $2 billion acquisition offer hostile.World's biggest videogame publisher on Thursday took its bid directly to shareholders of the Grand Theft Auto publisher, offering them $26 per share. Move was widely expected since EA revealed its offer to the public last month and Take-Two's board, led by executive chairman Strauss Zelnick, rejected it as too low.
EA topper John Riccitiello has noted that EA's bid represents a 64% premium over the last day of trading before it was first made and argued that his company could better market and sell Take-Two's properties while still allowing its development teams, such as Rockstar Games, to operate independently.
Read the full story on Variety.com.
