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withdrawn its takeover bid for Take-Two Interactive Software Inc., according to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.