Electronic Arts Goes Hostile With Take - Two Offer

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http://www.nytimes.com/reuters/techn...aketwo-ea.html

SAN FRANCISCO (Reuters) - Electronic Arts Inc <ERTS.O> on Thursday launched a hostile offer for rival video game maker Take-Two Interactive Software Inc <TTWO.O> at $26 a share, taking the $2 billion bid directly to stockholders.

"Take-Two, publisher of the popular "Grand Theft Auto" series, last month rejected EA's unsolicited all-cash offer at the same price. The bid represents a 64 percent premium over Take-Two's closing stock price on February 15, the last trading day before EA sent the proposal to the company.

"We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two," EA Chief Executive John Riccitiello said in a statement."