Electronic Arts bids to acquire Grand Theft Auto developers

Electronic Arts bids to acquire Grand Theft Auto developers

Electronic Arts has now revealed their acquisition bid for the developers of the Grand Theft Auto franchisee Take-Two Interactive Software.

The company has now gone public with their offer worth around $26 a share.

Take-Two had earlier rejected their $25 a share offer earlier this month.

Take-Two has now also rejected their fresh offer. The company said that EA is trying to take advantage of their low share price ahead of the launch of their Grand Theft Auto IV title which is expected to be a mega blockbuster this year.

Take-Two chairman Strauss Zelnick spoke about the EA offer: “Electronics Arts’ proposal provides insufficient value to our shareholders and comes at absolutely the wrong time.”

EA’s chief executive John Riccitiello responded: “There can be no certainty that in the future EA or any other buyer would pay the same high premium we are offering today.”