EA abandons Take-Two takeover idea
That was seven months well spent.
More than seven months after the whole business began, Electronic Arts has announced it's no longer interested in acquiring Take-Two.
Apparently the decision was made following a presentation by Take-Two's management team. Perhaps they forgot to polish their shoes.
In a statement, EA said it still has "a high regard" for the other company's creative teams and products. However, "after careful consideration, including a management presentation and review of other due diligence materials... EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two".
Take-Two has yet to issue a comment, but the company probably isn't too pleased its share price has just dropped to USD 21.89 - lower than EA's original offer of USD 25.