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GTA IV success vindicates EA share snub - Zelnick

But EA says USD 2 billion offer takes into account stock fluctuations

Strauss Zelnick has said that Take-Two's decision to turn down EA's acquisition offer of USD 25.74 per share has now been vindicated following the successful release of Grand Theft Auto IV.

The game hit stores this week and has dominated media headlines as well a retail sales in the Europe and the US.

"The critical and consumer response for Grand Theft Auto IV vindicates our strategy of waiting until the launch with regard to EAs offer," said Zelnick in a statement to the NY Times.

Take-Two's stock has risen following release, but EA said that the original offer of USD 2 billion to acquire the publisher always took into account peaks and troughs in share prices.

"We've seen share price above and below our offer and it doesn't change anything," commented Jeff Brown, spokesperson for Electronic Arts. ”All of that was factored into our USD 2 billion offer.”

Take-Two shares closed at USD 26.09 on Thursday.

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