The bid values Take-Two at twice its current stock market quotation and has
been under discussion for months.
Electronic Arts went public with the offer on 24 February so that it could
appeal directly to shareholders.
"There can be no certainty that in the future EA or any other buyer would pay
the same high premium we are offering today," EA chief executive John
Riccitiello said in a letter published on 24 February.
However it took just a day for Take-Two's board to strike back with a damning
critique of the bid.
"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," said Take-Two chairman Strauss Zelnick.
"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."
The last part of the statement refers to increasing consolidation in the
gaming marketplace following
Vivendi's
purchase of
Activision
in December for $1.7bn.
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