EA pulls offer to buy Take-Two Interactive

[JackFetch]

Nearly six months after starting a public battle to take over the "Grand Theft Auto" publisher, Electronic Arts has withdrawn its $2 billion tender offer for Take-Two Interactive to enter private negotiations.

EA is believed to have received little interest in its bid of $25.74 per share, which has actually been less than Take-Two’s trading price some days this summer. It let the offer expire at 12 a.m. today.

In a letter to Take-Two executive chairman Strauss Zelnick sent on Monday, EA topper John Riccitiello said his company was withdrawing its offer because it was contingent on integrating "Grand Theft Auto IV" and other games into EA’s slate for the holiday season, which is no longer possible.

"We continue to have great respect for Take-Two’s creative teams and products and are hopeful that we can work together to reach a mutually agreed transaction," wrote Riccitiello.

http://www.variety.com/article/VR111799074...=1&nid=2562

Pretty much everyone knew this would happen. After GTA IV came out the stocks were going higher than what EA offered.