NEW YORK (Reuters) – Take-Two Interactive Software Inc, until recently an acquisition target of bigger rival Electronic Arts Inc, plans to remain an independent company, the makers of the popular “Grand Theft Auto” series said on Thursday.
Take-Two said the decision followed detailed discussions with “various interested parties” over the last five months.
Take-Two repeatedly said that it was weighing its options while talking with other potential suitors, although it has never named any other interested parties.
Electronic Arts will not make a proposal to acquire rival Take Two-Interactive Software, the company said Sunday.
“After careful consideration, including a management presentation and review of other due diligence materials provided by (Take-Two), EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two,” EA said in a statement.
Electronic Arts first made a $2 billion, $26 per share offer for Take-Two in February. When the Grand Theft Auto maker’s management rejected the offer, EA turned hostile, buying up as many shares as it could for the offer price. EA continued to extend the tender offer, but withdrew it last month, entering into private talks with Take-Two.
