EA strongarms Take-Two, goes public [Update]
2:13 PM on 02.24.2008 // SRVSLPS
Whoever said that weekends are slow apparently forgot to consult with CEO John Riccitiello. He drops the bomb on us this Sunday, going public with the news that EA is deadly serious about adding Take-Two to their portfolio of investments.
Although the previous bid was rebuffed privately, Riccitiello upped the ante by entering the public domain and offering $26 a share -- a premium of over 64 percent of Take-Two's current closing price. With that comes a stern warning:
"There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today."
If you missed the quiet undertones, it reads something down the lines of "join us, or you'll regret it, later." Are we about to enter an era of annual GTA games? Try and withhold your judgement long enough to browse the press release, straight from the horse's mouth. Also, hostile takeovers.
[Update: Take-Two fires back, shrugging off the offer as a "devaluation" of their real worth.]
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