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Take-Two slams EA takeover bid as inadequate

After Take-Two Interactive declined an acquisition offer from Electronic Arts earlier this year, the latter decided it wasn't going to make any progress working with the company's executives. Instead, it decided to proceed with a hostile takeover bid that enticed shareholders and forced Take-Two's execs to act.

In an announcement Wednesday, Take-Two said its board of directors and company officers have recommended that shareholders reject EA's hostile bid of $26 (£13) per share. To sweeten the pot, the board also said that it was exploring ways to work with third-parties to improve the company's financial standing.

Take-Two is 'open to discussions'

"We are effectively working toward a process to review all available options to maximize this value, either as an independent company or in combination with a third party, and are open to beginning informal discussions starting now," wrote Take-Two's chairman, Strauss Zelnick.

"Our stockholders' interests would hardly be served by accepting an offer from EA at the wrong price and the wrong time. As a result, the Board recommends that stockholders not tender any of their shares to EA."

So far, shareholders and EA have yet to comment on the board's plea. But considering the financial state of Take-Two and Electronic Arts' willingness to get the deal done quickly, we can expect something to happen in the near future.