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EA no longer interested in Take-Two


Wall Street continued to anticipate that the long siege would end in an agreement. Hopes for a sweetened bid from EA (NYSE:EA)faded, however, as the company said it would let its formal offer, for $25.74 a share, lapse on Monday night. Take-Two’s shares slipped on Monday, falling 69 cents to $2.15

In a letter to Strauss Zelnick, chairman of Take-Two, John Riccitiello, chief executive of EA, said he was not prepared to stand behind the original offer “given the passage of time” since it was made, and that EA needed to carry out due diligence before being able to confirm the price. In a hint that the company might consider lowering its bid, he added: “We no longer believe we can integrate Take-Two ahead of the important holiday season.”


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