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EA Attempts Hostile Take-Two Takeover

This press release reveals that EA's attempt to acquire Take-Two Interactive (story) has become a hostile takeover bid (thanks Voodoo Extreme). EA's overtures have so far been rejected (story) amidst claims of competing offers (story) and accusations of shenanigans (story), so EA is bypassing the board and making their case directly to shareholders with a $26/share bid:

NEW YORK (Reuters) - Electronic Arts Inc (NasdaqGS:ERTS - News) plans to make a tender offer to acquire all of rival video game publisher Take-Two Interactive Software Inc's (NasdaqGS:TTWO - News) outstanding shares for $26 each, the Wall Street Journal reported on Thursday, citing people familiar with the matter. A spokesman for Electronics Arts was not immediately available.

On February 24 EA made an unsolicited bid of $26 a share, or $1.9 billion, for Take-Two, publisher of the Grand Theft Auto game. Take-Two rejected the bid as inadequate.

Take-Two shares closed up on Wednesday at $24.91 on Nasdaq.

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53. Re: F*** EA Mar 13, 2008, 17:27 banddirector

OK! I would have put up with it until you got to the spiders/snakes one...

nin you weenie - - are you afraid of snakes?

How about snakes on a motherf***in' plane?

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