EA pulls bid for Take Two
Electronic Arts has announced that they have pulled their bid to acquire rival video game publisher Take Two Interactive, publisher of the Grand Theft Auto series.
The bid was pulled after Take Two executives outlined their three-year product plan and provided due diligence of their books.
Owen Mahoney, Senior Vice President for Corporate Development at Electronic Arts, said “we were very convinced the value of the transaction would decline over time and have come to feel more and more strongly about our own business.”
As a result of the announcement, shares of Take Two fell almost 30%.