EA’s Take-Two Takeover Goes Hostile [UPDATED]

So Take-Two won’t play nice with EA’s buyout offer? That’s fine by EA. Playing it nice was a courtesy, an act of politeness on their part, but in light of Take-Two’s reluctance (and some would say greed), they’ve now no other option. It’s (apparently) time to go hostile, and appeal directly to Take-Two’s shareholders. The Wall Street Journal report that EA’s takeover payout to shareholders will be… $US 26 per share, exactly what was offered to Zelnick & co. the first time around. There’s been no comment as of yet from anyone at either Take-Two or EA regarding the matter.

UPDATE – OK, it’s now official. EA boss John Riccitiello:

This is a great opportunity for Take-Two shareholders. We believe Take-Two investors will see our tender offer as the best way to maximise the value of their investment in Take-Two. This tender offer provides a clear process to complete the proposed transaction. For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two’s talented creative teams to the great development organisation we’ve built at EA.

EA to turn Take-Two bid hostile: WSJ [Reuters]
EA COMMENCES ALL CASH TENDER OFFER TO PURCHASE TAKE-TWO INTERACTIVE SOFTWARE [eatake2]