No go on EA merger: Take-Two looking at other offers

After Take-Two Interactive‘s refusal of the US$ 2 billion offer given by Electronic Arts, the Grand Theft Auto developer mentioned that it is looking at other offers forwarded by several unnamed companies. It explained that no further merger discussions will be entertained in the meantime. To find out more about the details of Take-Two’s refusal, read the full article.

It looks like Electronic Arts will have to rethink the offer it forwarded to Take-Two Interactive on a possible company buyout. Take-Two rejected the US$ 2 billion offer from EA and mentioned that there still are other companies interesting in buying it.

While there have been no formal offers so far, Take-Two mentioned that EA has undervalued its offer in buying out the company and they it did not factor in the recent turnaround efforts Take-Two has been pushing lately.

A filing Take-Two issued with the Securities and Exchange Commission last Thursday stated that it “has not engaged in any substantive discussions with any party (including EA) with respect to a business combination”.

The company refused to comment to shareholders any more past this statement regarding any possible merger discussions unless it is legally required to do so. Take-Two explained that it is still willing to open discussions with EA, but not until April 30, when Grand Theft Auto IV (for PlayStation 3 and Xbox 360) finally hits store shelves.