EA and Take-Two Play Nice
Flirting since last year, the makers of the video game industry’s most popular franchises, “Madden NFL” and “Grand Theft Auto,” moved closer to marriage Monday.
Electronic Arts said that, after several extensions, it would let its bid of $25.74 a share expire at 11:59 p.m. Monday and instead take a friendlier approach to acquiring Take-Two Interactive Software.
During the weekend, according to correspondence made public Monday, Take-Two executive chairman Strauss Zelnick negotiated with EA CEO John Riccitiello the rules for an equitable courtship.
Most significantly, Take-Two will include EA executives in a strategic review, whereby the former will share nonpublic portions of its three-year plan with the intent of convincing EA that it should increase its bid for the smaller rival.
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