EA has issued a new offering to Take-Two's shareholders in an attempt to purchase the company outright, games news sites report.
Last month EA offered some $2 billion to Take-Two in an effort to accomplish the same goal. Take-Two declined, and EA took their offer public. Now, Electronic Arts is offering the price of some $26 per share to Take-Two's holders, a generous valuation.
"Within ten business days Take-Two is required by law to publish, send or give to shareholders (and file with the Securities and Exchange Commission), a statement as to whether it recommends acceptance or rejection of the latest offer ... Since EA launched its February bid Take-Two said that other parties had approached it regarding a merger, but that it hadn't entered into negotiations with other companies about a deal."
Electronic Arts is an American developer, marketer, publisher, and distributor of computer and video games. Established in 1982 by Trip Hawkins, the company was a pioneer of the early home computer games industry and was notable for promoting the designers and programmers responsible for their games.
EA was just a publisher for its first few years and exclusively published for home computers, but began developing games in-house in the late 1980s and started supporting consoles in the early 1990s. Also in the 1990s, EA began to expand by acquiring several successful developers and, as of the early 2000s, EA has become one of the world's largest third-party publishers, with a net revenue of US$3.129 billion for its fiscal year March 31, 2005.
Currently, the company's most successful products are sports games published under their EA Sports label, games based on popular movie licenses and games from long-running franchises like Need for Speed, Medal of Honor, The Sims, Command & Conquer and the later games in the Burnout series.
Take-Two Interactive Software, Inc. is an American publisher, developer, and distributor of video and computer games and video game peripherals. The company's headquarters are in New York City, United States, with international headquarters in Geneva, Switzerland. Development studio locations include San Diego, Vancouver, Toronto and Austin, Texas.
Take Two has developed and published many notable games, including the Grand Theft Auto series, controversial games Manhunt and Manhunt 2 and most recently BioShock. It is also noted for its 2kX series of sports games. It also acted as the publisher of Bethesda Softwork's 2006/07 game, The Elder Scrolls: Oblivion.