Electronic Arts fails in hostile bid to buy Take Two

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01/03/2008

Take Two Interactive Software has surprised the world by rejecting Electronic Arts’s unsolicited takeover bid. EA has been  attempting to raise its position in the video games arena against rival Activision. Take Two will soon release the game Grand Theft Auto IV which industry pundits say is going to take the market by storm. If EA had been successful, they would have had a virtual monopoly in sports games as Take Two makes some of the only titles which rival EA’s football, hockey and basketball franchises. Take Two representatives have said that the bid undervalued their company which is undergoing a stringent $25 million cost cutting initiative.

Read Associated Press report

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