EA extends, but does not raise its bid for Take-Two
Electronic Arts' original bid to acquire videogame maker Take-Two expired on Friday, but was renewed this morning. Despite Wall Street predictions to the contrary and a $1 billion cash infusion, EA did not raise its $25.74 a share offer for the company behind the Grand Theft Auto series. Analysts predicted EA would raise its bid above $30 a share and shareholders bought the hype, trading the Take-Two up to a $27.10 close on Friday. Take-Two CEO Ben Feder said that spike and a decline in the number of Take-Two shares tendered indicates shareholders recognize EA's offer "undervalues our company."