Sunday, February 24, 2008

EA Proposes to Buy Take-Two Interactive

Electronic Arts today announced that it has proposed to buy Take-Two Interactive in a cash merger of just about $2 billion big ones.

The offer set Take-Two's stock at $26 per share, which is about 64% over the company's percent over the company's closing stock price prior to the company's February 15, 2008 offer. In the letter sent to Take-Two, EA CEO John Riccitiello stated that the buy-out would help the company and it's stock holders.

"Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders. Take-Two's game designers would also benefit from EA's financial resources, stable, game-focused management team, and strong global publishing capabilities.\ ... There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today."
They also stated that Electronic Arts could help out a lot with the launch of Grand Theft Auto IV. You can read the full letter at the link below.

[EA Makes Offer to Buy Take 2]