Take-Two Suggests Shareholders Reject EA Bid; Expresses Interest in Possible Business Deals

Responding to Electronic Arts' attempt at a hostile takeover, Take-Two Interactive's board of directors has advised its stockholders to reject EA's buyout offer of $26 per share.

In a statement released today, Take-Two--which owns such beloved properties as Grand Theft Auto, Max Payne, and BioShock--labeled the offer as "inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders."

Though this marks the second time that Take-Two has officially spurned EA's unsolicited attempts to acquire the publisher, the company revealed that it is interested in business agreements with EA and other parties.

While now open to discussing possible business combinations, Take-Two affirmed its intent to remain independent and stated that it will not enter into negotiations until after the release of Grand Theft Auto IV (PS3, X360) on April 29.

Labeling Grand Theft Auto as "one of the most valuable and durable franchises in the interactive entertainment software industry," Take Two noted its belief that "the full commercial potential of [Grand Theft Auto IV] will not be evident until after its release."