Electronic Arts starts tender offer for Take-Two

Video game giant takes bid to shareholders, offers $26 a share cash.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

grand_theft_auto.03.jpg
EA made a tender offer for rival Take-Two, maker of the Grand Theft Auto video game series.

NEW YORK (CNNMoney.com) -- Electronic Arts said Thursday it has launched an all-cash tender offer to buy rival Take-Two for $26 a share.

The offer to buy shares from existing shareholders comes after EA's unsolicited takeover bid was rejected by Take-Two's board. The offer is estimated to be worth about $2 billion.

The $26 a share represents a 4.4% premium over Take-Two's closing share price on Wednesday night and is 64% above where the stock closed on Feb. 15 - the day Redwood City, Calif.-based EA (ERTS) launched its initial takeover pitch.

Take-Two (TTWO) is launching the latest in the lucrative Grand Theft Auto video game series April 29. EA had previously said it would like to takeover its rival quickly to put its marketing muscle behind the product. Unless extended, the deal will expire April 11. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
Graffiti about Greek crisis fills Athens' streets Artists are taking to the streets to express their views on the Greek crisis. More
My whirlwind 24 hours in Taiwan as a bridal supermodel Unlike the West, Taiwanese brides-to-be sit for hun sha ?? photo sessions before their actual wedding day. The photos are seen as a status symbol as well as a way to capture the brides' youth and glamor. More
8 startups that'll make your travel experience so much better Here are the new travel apps and services that will make trips easier, less time-consuming, and more fun for the every day business traveler. More

Sponsors