![EA strongarms Take-Two, goes public [Update] photo](http://www.destructoid.com/elephant//ul/72008-FINAL EA.jpg)
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.]
[Via Next-gen]
| BBcode help |
| [b]Bold text[/b] |
Bold text |
| [i]Italic text[/i] |
Italic text |
| [url]http://www.dtoid.com/[/url] |
http://www.dtoid.com |
| [url=http://www.dtoid.com/]Web link[/url] |
Web link |
|
| [img]http://www.example.com/robot.jpg[/img] |
 |
Post a comment! You can also post a photo below:
Comment with Facebook
Click connect and comment instantly!
|
Comment with Dtoid
New? SIGN UP - it takes 5 seconds
|
69 comments | showing # 1 to 50
|
Comment with Facebook
Click connect and comment instantly!
|
Comment with Dtoid
New? SIGN UP - it takes 5 seconds
|
Comments policy
Destructoid is an open discussion community. You don't need to "audition" to post a comment - just speak your mind. We respect differing opinions on the site, so have at it. Be smart, funny, insightful, clueless, or cute -- but back it up with substance. Keep your cool, keep it fun. We only ask that you act respectfully and above all: don't be a troll and ruin it for everyone else. Don't bring down gamers or we'll, you know, gently shoot you in the face and stuff you into a flaming mailbox. Each comment is your opportuntity to make this community awesomer. Is that even a word?
Avoiding the banhammer only requires common sense: spamming, trolling, racism, NSFW stuff, and other forms of sucking will not be tolerated. If anyone is griefing please report abuse. Be good. Don't suck!
Contest:
2:13 PM on 02.24.2008
| 
Hopefully Take 2 will Poison Pill (wiki link) that shit.
God I hate EA.
When everyone buys everyone. EA and Activision acquire everyone.
Then what?
A little harsh, don't you think?
This would mean EA owning all of Rockstar, as well as Irrational and Firaxis.
I mean, how messed up would it be to have Firaxis/Microprose and Maxis under the same house?
The only interesting thing, is that Irrational would have access to the System Shock IP again, but after making Bioshock, I doubt they care.
Augh... no.. just no...
Has Harmonix been run into the ground? What about Criterion? You assume the worst because of their sports franchises.
In my mind. EA makes great games, but if they keep expanding, then how I are we, the consumers, going to benefit from a nearly monopolistic main stream video game industry?
Take-Two did a smart move of turning them down.
Holy Fuck, Batman
If EA can prove us people (who have damned good evidence to resent their acquisitions) wrong that they can back up their lip-flapping and actually man up in game quality, and not murder great studios, we'll shut up. Until then, you're out of your mind if you think there's no reason to harbor very ill will towards EA.
Fuck the Empire of EA.
Why is EA an evil empire and Activison tH3 R0xx0rz
Let's take a look at all of EA's casualties:
By Riccitiello's own admission, EA killed Origin, Bullfrog and Westwood studios.
Of course Criterion is alive. But Criterion's kickass middleware technology (Renderware) that powers Burnout as well as some of the GTA series is no longer used by the industry because no-one wants to deal with EA.
EA's a goddamn cancer on the game industry. Hopefully Take 2 will pull a poison pill and at the very least make EA overpay for it.
Nothing could can come from this takeover.
Nothing good can come from this takeover.
Now, I'm not a fan of EA acquiring every developer ever either but let's be honest, 64% is a pretty big premium to be offering on top of the price of their shares - the guy is simply saying that it's a once in a lifetime oppurtunity and one they'll likely not be offered again. Saying that's a threat is a pretty big stretch.
Oh and it's the 'ante' you up, not anti (yes I'm that pedantic xD)
Also, I'm sick of the joke everyone makes about EA pumping out a new version every year; only EA Sports does that! Give EA a break, they've come a long way in the past 5 years.
CoD5=WHY, WORLD WAR II, WHY
also, Guitar Hero rocks the 80's
also, also, every extreme sport from wake boarding to inline skating
What if EA is the one and only place you can go to publich your game? That means they can control how much it will cost to you. Wouldn't you want more publisher's to choose from so you can publish your game while getting the deal that works for you (cost wise)?
However, this bid is hostile. How could it be viewed as anything else?
so why is it a problem only when ea does it? I'm sure if Activision or capcom went out and brought bungie tommorow every one would act like its christmas. If EA even looks at them wrong there will be an angry mob outside in minutes
Consolidation of an industry in general sucks. Just look at the telecoms in this country.
Anyway, T2 has just issued a rejection of the EA offer:
http://ir.take2games.com/ReleaseDetail.cfm?ReleaseID=295739
Doesn't mean this matter is closed, not a by a longshot.
The more varied and spread out our developers, publishers, and producers are, the better, and that's completely ignoring EA's past behaviors.
As far as I'm concerned, this action is in exact opposition to the earlier claims that they've learned their lessons and are going to play nice from now on.
jdub28: People get hostile at EA because they've annihilated great studios. Until a third-party superpower like Activision or such builds up such a horribly incriminating track record like EA has, EA will continue to receive such animosity because they've totally earned it.