Electronic Arts on Take-Two acquisition: it was for your own good |
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The stint between Electronic Arts and Take-Two Interactive is the stuff of anticlimactic legends in video gaming.
EA's CEO John Riccitiello explains that the whole sad episode was "a waste of ink, primarily in the New York Post." Now that the short-lived love affair's over, EA explains that their attempt to acquire T2 was only an attempt to help them out with holiday sales of Grand Theft Auto IV. Riccitiello remarks:
Time was of the essence, because we wanted to impact holiday 2008 sales of Grand Theft Auto IV. to help that company get through what has been an uneven profit experience.
Take-Two told us to wait and that they wanted more money. We waited. We went through a variety of steps. The gap [in price] remained.
So no hard feelings? Maybe not on EA's part, but who got the short end of the stick when acquisition talks fell apart? Investors in T2 stocks who were hoping that the merger will happen. Writes BMO Capital Markets:
We do not believe that EAÂ’s long-term goals will be affected by the decision to not go forward with an acquisition of Take-Two.
We believe that shares of TTWO are widely held by speculators who were looking for a sale to occur. We do not believe there is another serious bidder for Take-Two in the short term.
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Comments [refresh]
interesting...
on a side note:
HAHA IM T3H UBER! nobody can beat me to being first! it is the greatest honor of all time!
Sure, EA wants to help people with NO profit in mind...
next thing they want to tell us that there are no evil people on the world....
...except for Take-Two, they declined their offer.
I agree with you, Silver-Tiger. EA's trying to make it sound so benign: "Oh, we only wanted to help them sell more copies of GTA IV .... because everyone knows that the game holding *THE GUINESS BOOK WORLD OF RECORDS* for the fastest-selling piece of media of ANY kind in history ....is in DIRE need of sales 'help'." :-O
How would they be able to help them out on selling something that is already selling at its prime? Maybe selling it cheaper or maybe with a free copy of NFS Pro Street, to get Pro Street off the back shelves. LOL!
They would've released an update for the game, which completely f*cks it up, requiring everyone to buy the game again.