socialmedian: News: EA ceases Take-Two takeover attempts

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News: EA ceases Take-Two takeover attempts

Source: Fragland :: Everything

Sep 15, 2008

Summary

EA and Take-Two have both issued statements that a possible takeover of Take-Two by EA is out of the question now, which signals the end of a long and tiring saga.

It's odd because every analyst thought that after the recent, secret talks between the two game publishing giants a deal was going to be the only way out. Business is an unpredictable thing apparently.

EA admit their retreat and will focus on their own portfolio now:

Electronic Arts Inc. (“EA”) (NASDAQ:ERTS) today announced that while EA continues to have a high regard for Take-Two’s creative teams and products, after careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two Interactive Software Inc. (“Take-Two”) (NASDAQ:TTWO), EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two.

John Riccitiello, Chief Executive Officer of EA, said: “EA is tracking toward a record breaking year. We’re launching 15 new games including award-winners like SPORE, Dead Space and Mirror’s Edge, great new titl ...Read the full article

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