Page last updated at 09:35 GMT, Sunday, 18 May 2008 10:35 UK

EA deadline on Take-Two passes

Adverts for GTA IV, AP
GTA IV has been selling fast

A deadline set by US video game giant Electronic Arts for shareholders in Take-Two Interactive Software to accept a $1.9bn(968m) offer has passed.

EA revealed its unsolicited $25.74 a share move for Take-Two, the owner of Grand Theft Auto, back in February.

EA took the offer directly to Take-Two shareholders after its board rejected the bid as undervaluing the company.

Neither firm commented after Friday's midnight deadline, set by EA as the expiration for acceptance of its offer.

'Few more dollars'

Take-Two's board had refused to discuss a takeover with EA before the 29 April launch of "Grand Theft Auto IV."

Take-Two saw its stock close at $27.10 on the Nasdaq, down 0.8% but 5.2% above the $25.74 per share offered by EA.

"The market's probably suggesting that EA should come up with a few more dollars and that may be a likely a scenario," said Colin Sebastian, an analyst with Lazard Capital Markets.

"It doesn't seem like shareholders would tender at $25.74 if the stock is trading at $27."




SEE ALSO
GTA makes record first week sales
07 May 08 |  Technology
EA bids for Grand Theft Auto firm
25 Feb 08 |  Business
Video game giants in $18bn merger
02 Dec 07 |  Technology
Electronic Arts to close UK site
02 Nov 07 |  Business
EA wants 'open gaming platform'
19 Oct 07 |  Technology
Electronic Arts in $855m purchase
12 Oct 07 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2016 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific