Electronic Arts on Thursday turned hostile in its $2bn battle to acquire rival video game publisher Take-Two and reap the benefits of one of the industry’s leading titles, Grand Theft Auto. EA, the world’s biggest independent publisher, said it would take its $26 a share offer directly to Take-Two’s shareholders, after Take-Two’s management rejected the bid, and an earlier $25 a share offer. EA said it was launching a tender offer for Take-Two’s shares, which represented a 64% premium to its closing price on the last day before it had sent its $26 offer to management last month.

This entry was posted by Gwen Robinson on Friday, March 14th, 2008 at 5:38 and is filed under Capital markets, M&A. Tagged with Electronic Arts, Take-Two. Edit this entry.