Take-Two (TTWO) Surges On Unsolicited Bid From EA
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Shares Take-Two Interactive Software (Nasdaq: TTWO) are nearly 50% higher this AM after Electronic Arts (NASDAQ: ERTS) offered to acquire the maker of the popular video game Grand Theft Auto for $26 per share, a 64% premium to the company's closing price on Friday. Take-Two rejected the bid as inadequate.
Take-Two said, "After careful evaluation, the Board has determined that EA's proposal substantially undervalues Take-Two's robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty. We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry."
Take-Two said, "After careful evaluation, the Board has determined that EA's proposal substantially undervalues Take-Two's robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty. We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry."
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