EA tells 'Grand Theft' company not to snub $2B bid

NEW YORK -- EA's $26-per-share cash bid sent Take-Two's stock soaring more than 50% in Monday trading. The offer represents a 64% premium over Take-Two's closing stock price of $15.83 on Feb. 15, the last trading day before EA made its proposal. The offer wasn't announced until Sunday.

"There can be no certainty that in the future EA or any other buyer would pay the premium we are proposing today," EA CEO John Riccitiello said in a conference call with analysts Monday.

On Sunday, Take-Two said EA is being opportunistic and "attempting to take advantage" of the upcoming Grand Theft Auto IV launch. Take-Two Chairman Strauss Zelnick said that while the company is open to talks with EA, it wants to wait until April 30.

Grand Theft Auto has sold 65 million copies in various incarnations and is considered one of the most successful video games in history. EA publishes mainstays such as Madden NFL,The Sims and FIFA Soccer.

In its offer, EA is banking on the success of the GTA IV, and hopes to put its marketing muscle behind the eagerly awaited title. Acknowledging that EA is underrepresented in M, or Mature-rated titles, Riccitiello said the deal would give the company "the world's best M-rated content."

Take-Two would give EA a shot at keeping its post as the world's top video game publisher. French media and telecom giant Vivendi plans to combine EA's chief rival, Activision, with its own games unit to form Activision Blizzard. The combined company will own the wildly popular online game World of Warcraft and the Guitar Hero franchise.

But even if EA wins Take-Two, it isn't clear whether the brothers who helped create Grand Theft Auto will remain part of the company. Sam and Dan Houser, who lead Take-Two's Rockstar Games label, are under contract with the company only until next year.