News: This is going to get ugly.
Take Two has rejected EA's unsolicited merger offer a little over two hours after the offer was initially announced.
Take Two believes that EA is trying to sneak in and offer their shareholders a longer price because Grand Theft Auto IV has not been released yet.
Here's what Take Two had to say:
After careful evaluation, the Board has determined that EA's proposal substantially undervalues Take-Two's robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty. We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry. Furthermore, the offer values the Company at a significant discount to its public peers and does not compensate Take-Two for its intrinsic value and the substantial synergies that the proposed combination would create.
However, Take Two did say they would resume talks with EA on April 30, a day after
Grand Theft Auto IV ships to stores. That day will also likely mark a huge bump in Take Two's share price due to the huge number of copies GTA4 will likely sell.
So while an Electronic Arts-Take Two merger may still happen, it won't be today.
Blockbuster Inc Arrives in June With The Demo Available Right Now
Nintendo eShop Weekly Update Includes Princess Peach, Baseball, and More
Top Spin 2K25 Roster and Apparel Brands Details Revealed
Gas Station Simulator “Tidal Wave” DLC Now Available on PC
Apex Legends Shadow Society Event Launches Next Week
Final Fantasy VII Rebirth Update 1.020 Now Available on PS5
Nintendo Reveals Mario Day 2024 Details for Fans
Call of Duty Modern Warfare III and Warzone Season 2 Reloaded Details
Monarchy Demo Now Available on Steam During Steam Next Fest 2024