Take Two: EA offer was inadequate

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Take-Two decided

EA's $2bn offer

was "Not in the best interests of its stockholders” and rejected the bid.

We believe EA's unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry,” said a Take-Two statement.

Furthermore, the offer values the Company at a significant discount to its public peers and does not compensate Take-Two for its intrinsic value and the substantial synergies that the proposed combination would create.”

Read EA boss John Riccitiello's letter to Take Two's executive chairman Strauss Zelnick here.