EA, Take-Two just call the whole thing off

The news comes some seven months after EA made its initial unsolicited offer to purchase the "Grand Theft Auto" developer for US$26 per share, a deal that would have brought Take-Two's shareholders about $2 billion.

The rival publishers had only recently come to the negotiating table for formal talks following EA's decision to allow the offer to expire.

Following consideration that included a management presentation and review of other due diligence materials from Take-Two, EA said it decided not to make an offer and had "terminated" discussions with Take-Two.

For its part, Take-Two remains "focused on creating value for our stockholders and our consumers," said Chairman Straus Zelnick. "This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders. As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives."

Read the full article here.