Electronic Arts won’t take Take-Two

More than half a year of corporate drama drew to a close on Sunday as Electronic Arts ended its quest to acquire “Grand Theft Auto” publisher Take-Two Interactive.
After reviewing private presentations from Take-Two management, EA declined to make a new bid. Its previous offer of nearly $2 billion was repeatedly turned down by Take-Two execs and then shareholders.

EA CEO John Riccitiello had previously said he thought Take-Two was declining in value as the lucrative Christmas season approached. Apparently he and his team did not learn anything from Take-Two’s presentations, which were covered under non-disclosure agreements, that convinced them differently.

“They made their tender offer numerous times while we have continued to beat our guidance and put out hit games, so you can draw your own conclusions,” Take-Two executive chairman Strauss Zelnick said when asked why the two sides couldn’t reach a deal.

- from Variety