Take-Two has refused an offer by Electronic Arts to acquire the troubled publisher for USD 2 billion. The offer is a 63 per cent premium on Take-Two's closing price over the previous 30 days, and a 64 per cent premium over Take-Two's closing price on February 15, the last trading day before EA sent its revised proposal to Take-Two. Take-Two may have rejected the offer, but Electronic Arts has elected to keep the proposal on the table - "Our all-cash proposal is a unique opportunity for Take-Two shareholders to realise immediate value at a substantial premium, while creating long-term value for EA shareholders," said John Riccitiello, CEO of EA. "Take-Two's game designers would also benefit from EA's financial resources, stable, game-focused management team, and strong global publishing capabilities."

EA sent a letter of proposal to Take-Two on February 19, which has been rejected by the board of directors and executive chairman Strauss Zelnick. Here is the full content of the letter from Riccitiello to Strauss:

Dear Strauss:

Rockstar has just announced the first updates to the Grand Theft Auto IV web site.

Now you can learn how the "Karin Dilletante" hybrid car will save the world, meet Alderney ‘businessman’ Phil Bell and get the latest on why Liberty City residents need the President from Weasel News.

 

It's remarkable to note that earlier this week, thousands of people went about their business in central Auckland completely unaware that video game history had touched down in the country. Lethargic students, middle-aged bankers and stone-faced executives trotted wearily past a central city hotel without the slightest suspicion as to the contents of an Xbox 360 safely ensconced in an otherwise unremarkable conference room upstairs. It's just as well, the thousands of hours and millions of dollars worth of development committed so far to Grand Theft Auto IV would pale in insignificance compared to what the New Zealand economy would have to weather in downtime should it be made public that a playable version existed within stampede range of Queen Street.

Contrary to expectations, rather than ascending to the heavens in a chariot guided by mythological creatures, Rockstar used a Boeing to leave New Zealand yesterday. Bound for their Sydney office, they'll be spending a fairly intense next two-and-a-bit months preparing for the April 29 release deadline. Fortunately, before they left we were treated to approximately an hour of in-game content of what is shaping up to be one of the biggest console titles this year. Perhaps ever.