Electronic Arts offers $2B for Take-Two

Business Materials 25 February 2008 01:06 (UTC +04:00)

( AP )- Electronic Arts Inc. is pushing ahead with a bid to take over upstart gaming rival Take-Two Interactive Software Inc., despite rebuffs from the smaller company.

EA said in a statement Sunday that it is making an all -cash bid of $26 per share, or about $2 billion, for New York-based Take-Two.

EA, the world's largest independent video game publisher, says it's releasing details of the proposal to get the attention of Take-Two shareholders after Take-Two's board turned down the deal.

The offer represents a 64 percent premium over Take-Two's closing stock price Feb. 15, the last trading day before Redwood City-based EA made its proposal.

Take-Two did not immediately return messages seeking comment.