Take-Two Attractive After Takeover Bid

Dan Nystedt, IDG News Service

Friday, February 29, 2008 6:15 AM PST

The publisher of the popular Grand Theft Auto video game series has received more takeover interest after its US$2 billion offer from Electronic Arts (EA), the company said Thursday.

Take-Two Interactive Software has received "informal indications of interest in a business combination," but no formal written offer in the time since EA issued a news release outlining its intention to buy the company, Take-Two said in a filing to the U.S. Securities and Exchange Commission.

Take-Two rejected the EA offer as too low, but remained open to discussions with the company. Take-Two wants to wait until after the release of the fourth installment of Grand Theft Auto in April.

The video game industry has started to see some consolidation recently as bigger companies seek to acquire popular game titles. Last December, Activision and Vivendi Games announced a proposed US$18.9 billion merger. Such a deal would put mega-hit World of Warcraft as well as Diablo and Starcraft in the same company as Guitar Hero and Call of Duty. The new company will be called Activision Blizzard once the deal is finalized.

A deal between EA and Take-Two would combine EA's popular sports titles such as Madden NFL 08 and games like the Sims and Battlefield 2, with Take-Two's Grand Theft Auto series and other titles.

Take-Two will hold its annual meeting for investors on April 10, 2008 in New York to further discuss merger and acquisition possibilities as well as other issues.

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