EA to make tender offer for Take-Two

Electronic Arts has officially begun a tender offer for all of outstanding shares of common stock of Take-Two.

The company is offering USD 26 per share in cash, and is valued at approximately USD 2 billion — a 64 per cent premium of Take-Two's stock price on February 15, the last day of trading before EA made its revised bid to acquire the company.

"This is a great opportunity for Take-Two shareholders," commented John Riccitiello, CEO of EA. "We believe Take-Two investors will see our tender offer as the best way to maximise the value of their investment in Take-Two.

"This tender offer provides a clear process to complete the proposed transaction. For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two's talented creative teams to the great development organisation we've built at EA," he added.

The tender offer is open until Friday April 11.