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EA & Take-Two Hostilities Cease, Negotiations Ensue
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Posted by Donster on: 2008-08-18 17:37:15 360
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Electronic Arts Inc. will drop its hostile $2 billion bid for rival video game publisher Take-Two Interactive Software Inc. on Monday and instead pursue private talks with the company.
While shares of Take-Two fell 4 percent on the specter that EA might walk away entirely, or come back with a lower bid, analysts said a deal was more probable now that friendly talks were in the offing.
EA said on Monday its chief executive, John Riccitiello, and Take-Two Executive Chairman Strauss Zelnick held talks over the weekend, and Take-Two's management has agreed to present its three-year product pipeline and financial forecasts to EA.
PRESS RELEASE
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News Source: Email
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