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EA Makes Offer to Buy Take 2

Time: 14:07 EST/19:07 GMT | News Source: E-Mail | Posted By: Byron Hinson

Electronic Arts just called me to let me know that they are making a bid to acquire Take-Two Interactive in an all-cash merger of about $2 billion. The offer set Take-Two's stock at $26 per a share, about 64 percent over the company's closing stock price prior to the company's Feb. 15 offer. Take-Two's board rejected the offer, leading Electronic Arts to make their offer public to the company's shareholders. In the letter, attached in the jump, EA CEO John Riccitiello tells Take-Two's Stauss Zelnick that the buy-out would help both the company and its stock holders.

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