Take-Two Asks Shareholders to Wait on New EA Offer

Following a rejection of its first bid, Electronic Arts made another move to acquire Take-Two this morning, offering $26 per share in cash directly to the company's shareholders. As of this writing, Nasdaq lists Take-Two's current stock price at $25.41 per share.

Take-Two--the owner of such beloved properties as Grand Theft Auto, Max Payne, and BioShock--is now urging its shareholders not to consider the offer until it has made an official recommendation.

"Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Take-Two's Board will review and consider EA's offer, and within 10 business days, will advise Take-Two's stockholders of the Board's position regarding the offer as well as its reasons for that position," said the Take-Two board in a statement.

The $26 share price matches the bid made last month by Electronic Arts, which would have amounted to a $2 billion transaction. Take-Two's board felt the offer was low, and said it would reassess its position on April 30, the day after Grand Theft Auto IV's release.

"We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry," said the board at the time.