EA's now infamous lust to acquire Grand Theft Auto developer Take Two Interactive has gone down in flames. Again. For the second time.

How many times must EA be told no? Take Two's board of directors considered the offer to buy out their shareholder's stock at $26 a share, and they decided that yet again it was much too low a price, especially in light of the buckets of cash the upcoming GTA IV is sure to make for the company.

Strauss Zelnick, chairman of the Take-Two board said of the potential buyout by EA: "Our Board, after careful review, has unanimously determined that Electronic Arts' offer continues to provide insufficient value and remains opportunistically timed to capture the value of the upcoming Grand Theft Auto IV launch at the expense of our stockholders."

However, Take Two did not rule out a "business combination" with EA or some other third party developers, which would basically set the stage for a merger auction of sorts. Better to merge than be bought out entirely, I suppose.

Still, it doesn't look like EA's gonna get their hands on any of that GTA money any time soon.

Tags : buyout : electronic arts : Grand Theft Auto : Grand Theft Auto 4 : GTA IV : gta4 : merger : take two : take two interactive

Comments

By: Dragonfly On: 12:34 Mar 26th, 2008 Offline	I think "LOL" sums this situation up well enough. Good to see Take Two are using their heads though.

By: ManicGamer On: 07:50 Mar 26th, 2008 Offline	GOOD FOR YOU TAKE TWO!!! I'd like to give EA some time with EVERYTHING else they own anyhow..... lets see what they do with the other 90% of the industry first.

By: Evren On: 08:44 Mar 27th, 2008 Offline	"Can we buy you?" "No" "Please?" "No, now get out of my office before I set my laser guided sharks after you" EA really need to give it up damnit.