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Take-Two lets EA takeover deadline pass
Take-Two Interactive has let last Friday's deadline for Electronic Arts' USD1.9bn takeover bid pass by without action. Neither firm has commented since the offer's expiration deadline, set by EA last month after an extension on its original offer.
Deal Details
- Status pending
- Amount US$1.900m
- Buyer Electronic Arts (EA)
- Seller Take-Two Interactive
EA announced in Feb an unsolicited USD25.74 per share bid for UK game publisher Take-Two, best known for its 'Grand Theft Auto' series. Take-Two's board refused to discuss acquisition terms with EA before the launch of 'Grand Theft Auto IV' on Apr 29. Many industry analysts believe that Take-Two reckons it is worth substantially more than EA's offer.
Last week, EA posted a net loss of USD94m for its fourth fiscal quarter, down from USD25m at the same time last year, due to extended one-time charges. However, games sales for the same period rose 84% year-on-year to USD1.13bn.
