Take-Two plays hard to get with EA

Chris Scott Barr - Feb 25, 2008

Last year was a great year for gaming. Granted, there weren’t any major console releases, but game sales were at their highest, and were probably one of the few things that saved the holiday shopping season from being a complete retail disaster. While you could pour over numbers all day long, the easiest way to tell that the industry as a whole is doing well is to simply look at all of the companies trying to purchase each other. Take-Two has been the latest one being sought after.

EA is easily the largest game publisher in the world, so it’s no surprise that they’re flaunting around some big money in the attempt to acquire Take-Two. Of course, Take Two is being rather coy. EA has made several offers, their latest reaching the $2 billion mark, which have all been flat rejected. Here’s the latest word on the rejection from Take-Two’s Chairman:

In additional to undervaluing key elements of our business, EA’s proposal fails to recognize the value we are building through our ongoing turnaround efforts, which will further revitalize Take-Two,” he said. “While we have made substantial progress already, the turnaround of our business we commenced in June is not yet compete and we believe its benefits have not been recognized in either our current stock price or in the value of EA’s proposal.

I believe the above statement can be summarized in the following statement. Show me the money!

[via CrunchGear]

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