U.S. video game publisher EA ends bid for Take-Two
www.chinaview.cn 2008-09-15 11:21:30   Print

    BEIJING, Sept. 15 (Xinhuanet) -- Video game publisher Electronic Arts Inc. (EA) said Sunday, after a "careful consideration," it had withdrawn its takeover bid for Take-Two Interactive Software Inc., according to U.S. media reports Monday.

    Two of the biggest names in the video game business: EA, the publisher of games such as "Madden NFL 09" and "Spore;" Take-Two, best known for the "Grand Theft Auto" series of games, had had the struggle for eight months, said the reports.

    Strauss Zelnick, the chairman of the board of Take-Two, said in a statement, "This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders."

    "As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives." Zelnick said, adding "We remain focused on creating value for our stockholders and our consumers."

    Redwood City, Calif.-based EA, signed a non-disclosure agreement with Take-Two in August after letting a deadline for a 2-billion- U.S. dollar tender offer to buy the company expire.

    But, the latter steadfastly insisted it was worth more than that offer, and said that the price undervalued its shares and long-term potential, and repeatedly rejected it.

    The end of talks, according to reports, could be a major blow to short-term arbitrage investors who had bet heavily that the deal would go through at a higher price.


Editor: Lin Liyu
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