Take-Two says that the success of Grand Theft Auto IV proves that the company was right to fend off Electronic Arts' takeover attempt, but EA says it doesn't mean a thing.
After this past Tuesday's release of GTA IV, Take-Two stock rose to
$26.63, a bump which "vindicates our strategy of waiting until the launch with regard to EA's offer," said Take-Two chairman Strauss Zelnick in a statement.
In February Take-Two rejected EA's offer of $26 per share, calling it "insufficient" and "opportunistically timed to capture the value of the upcoming Grand Theft Auto IV launch at the expense of our stockholders." The total value of the takeover offer was approximately $2 billion.
EA's Jeff Brown says his company knew that GTA IV would be a huge hit, and that the rise in share price doesn't really mean anything.
"We've seen a share price above and below our offer and it doesn't change anything. All of that was factored into our offer of $2 billion," he said.
See Also:
- Take-Two: EA's Offer 'Wrong Price, Wrong Time'
- EA's Take-Two Buyout Offer Turns Hostile
- Take-Two Rejects $2 Billion EA Buyout Offer
Image courtesy Rockstar Games
Grand Theft Auto IV and Real World Billions [New York Times]
