Investing
Electronic Arts (ERTS) Walks Away From Take-Two (TTWO)
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Take-Two Interactive (TTWO) chairman Strauss Zelnick overplayed his hand. He continued to refuse a buyout bid from larger game company Electronic Arts (ERTS). Now Take-Two shareholders will pay for Zelnick’s error.
According to The Wall Street Journal, "Ever since EA first offered $26 a share for Take-Two in February, the New York-based publisher had rejected EA’s offer as inadequate."
Take-Two currently trades at just under $22. Prior to the offer, TTWO traded at $15.
Watch it move back toward that $15 level tomorrow.
Douglas A. McIntyre
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