EA bid to buy Take Two

feylya

US video games publisher Electronic Arts has launched a $2bn (€1.3bn) takeover bid for rival Take-Two Interactive Software, owner of the Grand Theft Auto game.

The world’s largest independent games group has gone public with an all-cash bid of $26 (€17) a share, after the New York-based company’s board privately rejected two offers.

The proposal is a 50% premium to Take-Two’s closing share price on Friday but Take-Two has rejected the approach, saying it lacked value for shareholders.

EA chief executive John Riccitiello said Take-Two’s quick acceptance of the offer would mean EA could put its marketing muscle behind the release of Grand Theft Auto IV, set for April 29.

Take-Two called the EA offer a “highly opportunistic” attempt to take advantage of the game’s upcoming release.

“Electronic Arts’ proposal provides insufficient value to our shareholders and comes at absolutely the wrong time,” Take-Two chairman Strauss Zelnick said.

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Mr Zelnick said EA rejected Take-Two’s offer to resume discussions of the takeover bid the day after “Grand Theft Auto IV” was released.

The interest emerged as Take-Two attempts to recover after a rocky period.

Shareholders threw out most of the company’s top leadership last spring over poor results as well as accounting troubles and controversy surrounding violent and sexual content in the company’s games.

Last year, the British Board of Film Classification refused to certify violent game Manhunt 2 – the first UK ban for a video game in a decade.

EA, which publishes the FIFA Soccer series among its sports franchises, has been working recently to beef up its product line-up with a wider variety of titles.

The EA’s proposed buyout of Take-Two comes amid consolidation in the sector, which is expected to increase competition in the games market.

French media and telecom giant Vivendi plans to combine EA’s chief rival, Activision, with its own games unit to form Activision Blizzard. The merged company will own the popular online game World of Warcraft and the Guitar Hero franchise.

http://breakingnews.ie/business/mhojauojaugb/

I really hope this doesn't go ahead. Not a fan of EA

kaimera

posted in games already.

feylya

Doh!

smellslikeshoes

Couldn't see it happening with that sort of money, Don't remember the exact sales figures but I'm pretty sure San Andreas took in more than that offer alone.

Markvtos

It would be TERRIBLE if EA toke control of GTA. I mean could imagine? A Yearly release of GTA might sound a little tempting, but given EA's track record, they would only make them churn out an unispired update every yea, like it does with FIFA, Burnout, Tiger Woods... Hell every game it has is just a crap rehash.

Markvtos

by "toke" i ment "took".

Nailz

Ha! @ Mark's bogger accent! But now I would sincerly hate this! And GTA is worth waiting for no matter how long it takes to make, you see they spend enough time on it to make each game to it's full potential, if EA make a game a year it will be unfinished and badly produced. EA Fùck off!

suppafly

Definetely agree with nailz and mark there. EA would seriously ruin GTA altogether cuz as ye said they would just want to rush it out all the time like they do with most of the games have. Glad they told them to piss off

projectmayhem

suppafly wrote: »

Definetely agree with nailz and mark there. EA would seriously ruin GTA altogether cuz as ye said they would just want to rush it out all the time like they do with most of the games have. Glad they told them to piss off

when you look at how they're handling studios these days (valve, crytek etc.) i would imagine rockstar would be treated quite well by EA. sure look at "army of two"... which was due last christmas but they let it lapse that date by miles to make sure a good game comes out. also see DICE's non-battlefield project, mirrors edge, which has been allowed to go through a slow development process to make sure a good game is released.

it's only the yearly updates (madden, fifa et al) that are pushed out the door

Bubs101

I think the worst imprint EA would leave would be whatever changes to the soundtrack they'd inevitably make. 10 stations, all filled to the brim with G-Unit album tracks

Nailz

Bubs101 wrote: »

I think the worst imprint EA would leave would be whatever changes to the soundtrack they'd inevitably make. 10 stations, all filled to the brim with G-Unit album tracks

Yeah that's right!!! Cùnts!! :mad: We won't hear anymore Stone Roses, New Order, Happy Mondays, Scorpions , Iron Maidin, Phil Collins , Creedence, Slayer, Priest , ect. And no more Shaun Ryder as voice over ...