Take Two Interactive, the developer of the famous (or infamous if you're Jack Thompson) Grand Theft Auto series, was recently offered a buyout proposal from EA worth 2 billion dollars.

Initially, Take Two chairman Strauss Zelnick declined the offer, but EA took the proposal public in a bid to force the developer's executive board to at least consider the offer.

Today, EA got the board's answer, which was a resounding no. Zelnick stated the board's position, saying that EA's offer was undervalued, especially in light of the fact that Take Two's upcoming Grand Theft Auto IV, which launches on April 29, and promises to be the biggest and best of the series to date, will surely markedly increase the company's worth.

The undervalued offer was but one of a long list of reasons for the developer's declining the offer. The full press release can be read here:

http://ir.take2games.com/ReleaseDetail.cfm?ReleaseID=295739

While many gamers and industry professionals alike rejoiced at Take Two's decdions, some see this refusal to sell as simply postponing the inevitable. For the time being, EA won't be the end all be all of the gaming industry.

In my humble opinion, thank goodness.

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

Comments

By: Corrine On: 10:56 Feb 26th, 2008 Offline	I don't think they're going to sell, EA is insane for trying this right before the release of GTA IV... Maybe if EA tried several years ago, it would be plausible. And now that the stocks rose.... Good Luck.

By: Dragonfly On: 05:04 Feb 27th, 2008 Offline	I could have sworn I replied to this. O.o Regardless, Electronic Arts are going to have a long road ahead of them if they hope to pick up Take Two so easily. Next stop: Square Enix.