Posted February 25, 2008 by Ryan Lodata

On Friday EA offered $2 Billion (USD) for Take Two, but the offer has been rejected.

Take Two has stated in a press release that EA has undervalued the company's creative talents and intellectual properties. Take Two has also stated that EA is simply taking advantage of the upcoming release of Grand Theft Auto IV. For this offer, EA went so far as to create a website, http://www.eatake2.com/. The CEO of Take-Two, Ben Feder, had this to say about the offer, "The revitalization of Take-Two is well underway. In the last year, we have accomplished a great deal in terms of restructuring our cost base to improve margins, addressing the legacy issues that have weighed on our business, and enhancing our creative output through organic and external initiatives. We believe stockholders will reap the benefits of these actions both in the near and long term and that our efforts will create greater value for stockholders than what is being offered by EA at this time."

You can find the full press release here: http://ir.take2games.com/ReleaseDetail.cfm?ReleaseID=295739