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Electronic Arts has today revealed that it has proposed a $2 billion deal to acquire Take-Two, the publisher behind such huge properties as Grand Theft Auto and BioShock.
In a letter to Mr. Strauss Zelnick, Executive Chairman of the Board of Directors at Take-Two, EA upped its offer from $25 a share to $26 per share, after the original bid was turned down by Take-Two.
In the letter EA Chief Executive Officer John Riccitiello said “Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders. Take-Two’s game designers would also benefit from EA’s financial resources, stable, game-focused management team, and strong global publishing capabilities.”
He continued: “We place significant value on the ability to close the transaction relatively quickly so that EA’s strong publishing and distribution network, including our global packaged goods, online and wireless publishing organizations, can positively impact the catalogue sales of GTA IV and also the launch and sale of titles released later this year. We want to work with you and your team to complete the transaction in time to begin realizing its significant marketplace benefits in advance of this year’s holiday selling season.”
The letter stated that EA’s proposal was subject to negotiations commencing by February 22, but the industry giant intends to keep its proposal open in order to give Take-Two’s shareholders and Board of Directors further time to consider it.
We’ll bring you more news on EA’s proposed acquisition of Take-Two as we get it.
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