Electronic Arts gives up on Take-Two bid
- September 14, 2008 19:20 PM PST
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Electronic Arts is giving up plans to acquire rival computer games software company Take-Two Interactive and has terminated merger discussions with the company, it said Sunday.
EA fell through, but Take-Two still interested in a buy out
The decision was made "after careful consideration, including a management presentation and review of other due diligence materials," EA said in a brief statement.
EA, which owns some of the most popular sports games franchises in the industry, originally offered US$2 billion for Take-Two in February of this year. At the time Take-Two was preparing to release "Grand Theft Auto IV," the latest in its popular game series, and rejected EA's bid as "inadequate in multiple respects."
In August, EA let its tender offer for Take-Two expire, but the company remained interested in an acquisition. It accepted an offer by Take-Two to hear a presentation from the company explaining why it thinks EA's bid undervalues it.
The decision to walk away from acquisition talks apparently reflects in part what EA heard in that presentation. But EA's decision doesn't mean that Take-Two won't be getting swallowed up by another games maker anytime soon.
The company, "remain[s] actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives," Take-Two Chairman Strauss Zelnick said in a statement issued in response to EA's announcement. "We remain focused on creating value for our stockholders and our consumers."
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- Sep 14 2008 at 07:32:13:PM PST
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Somebody needs to arrest the SKU whores Known as Sony. Nintendo is DOMINATING with one Wii Sku, Sony is a Sku Whore.
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About damn time someone said no to the Donald Trump of video gaming, EA. Power hungry monopoly bastards.
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Take 2 might should have taken EA up on that offer because GTA has lost alot of steam and they haven't had anything worth a damn to offer for a while unless the downloadable GtA shit is that dope which I really doubt
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Hey Dumbass last time I check M$ aint far behind get a life queer and stop bashing on Sony u act like they rape when u were small
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Just means that someone else will buy take two and run GTA into the ground.
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Personally i don't really care who makes my gta or manhunt.i welcome the spit and polish EA brings to it's games i only hope they don't tone down the violence in these games just to get a teen rating.
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Well good for you take 2, So what if you don't sell out, who wants a better NBA Live or a Better Madden anyway. We gamers don't mean anything, So yeah keep holding out, Yeah you show them who's boss. EA those monopolizing bastards..
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Hey 360fanboysrjotos how big of a retard are you. Your name says 360fanboy but your kissing sonys ass. Dumbass.
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boring..... GTA 4 was not all that great. over hyped..... EA better stop trying to monopolize.... gridy bastards......
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