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Electronic Arts presses ahead with $2 bln offer for Take-Two

SAN FRANCISCO (MarketWatch) — Electronic Arts Inc. on Sunday made a all-cash bid of $2 billion for Take-Two Interactive Software Inc. , despite earlier rebuffs from the company. The offer of $26 per share represents a premium of 64% to Take-Two’s share price on Feb. 15, the last day before EA sents its revised takeover proposal to TakeTwo. Electronic Arts said its proposal was contained in a letter sent on Feb. 19 by EA Chief Executive Officer John Riccitiello to Strauss Zelnick, executive chairman of the board of Take-Two. The Take-Two Board’s subsequent rejection of the EA proposal led to EA’s decision to release the letter and bring its proposal to the attention of all Take-Two shareholders, the company said in a statement on Sunday.

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Original post by Forextvblog

This entry was posted on Sunday, February 24th, 2008 at 4:02 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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