EA secures $1 billion to acquire Take-Two
Category: Industry, Posted: 05/12/2008 at 01:12AM CDT by Billy Wang, Previews Editor
Late last week, Electronic Arts announced they've secured an additional $1 billion for continual efforts to buyout publisher Take-Two Interactive. The months are ticking down because EA only has till January 2009 to make the acquisition happen.
EA said that "approximately $2.1 billion would be required to purchase all Shares pursuant to the Offer and the Merger and to pay related fees and expenses," in a recent financial filing statement.
Back in February, EA tried and failed to buyout Take-Two Interactive with $2 billion. Despite being rejected, EA remained keen on acquiring the publisher with many analysts and critics citing the bidding move as aggressive and hostile.
With the immense success of GTA IV, which sold 6 million copies earning $500 million in its first week of release, Take-Two may be feeling a bit more comfortable without EA breathing down their necks.
In addition, rival publisher Activision's latest Q4 financial results are pretty even with EA; the company may be scrambling to pick up a publisher quick to bolster its forces again.
[Via Gamasutra]
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I really hope they fail again.
Same here EA should get the hint RockStar ain't interested it's clear the only reason they want them is for GTA which they'll then whore out a new verison every year.
It just goes to show EA don't care about personal image.
This is just getting crazy. I really hope Take Two doesn't bow to pressure, but one billion dollars is a lot of dollars.
I don't think it's really about T2 bowing to pressure or not, it's more about whoever the shareholders are now selling out as EA offers to buy them up bit by bit. Get enough members on the board and voila, takeover.
So erm, let's hope all the talented folks at T2 threaten to jump ship and start a new studio should the buyout succeed. I really would rather not have my games come through EA's sugar coating between me and T2.