EA Bids for Take-Two, Rejected

Electronic Arts offered to purchase Take-Two Interactive for $2 billion over the weekend but that bid has been rejected by Take-Two.

"Along with flat no-thanks, the New York-based Take-Two said Monday that EA's $26-per-share, or $1.9 billion, bid doesn't reflect the awesomeness that is Take-Two. It's saying the would-be buyer doesn't grasp how "robust and enviable" its games are and how loyal and addicted the people who buy their games really are. It specifically identified its very popular and controversial cash-cow, the Grand Theft Auto franchise. Over 65 million units of the ultra-violent video-game have already been hawked, and the new Grand Theft Auto IV is expected to make bank for Take-Two. The fourth version hits stores April 30."

Source: Forbes