Take-Two open to third-party offers

Take-Two has again snubbed buy-out offers from EA and decided to open its doors to third-party bids.

However, the Grand Theft Auto owner is still willing to work with EA, and claims to be exploring the "strategical alternatives" to a straightout acquisition.

"Our Board, after careful review, has unanimously determined that Electronic Arts' offer continues to provide insufficient value and remains opportunistically timed to capture the value of the upcoming Grand Theft Auto IV launch at the expense of our stockholders," said Take-Two chairman Strauss Zelnick.

"We are effectively working toward a process to review all available options to maximise this value, either as an independent company or in combination with a third party, and are open to beginning informal discussions starting now."

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EA shocked the Internet at the end of February when it offered USD 2 billion (GBP lots) for Take-Two. In an aggressive move like a bear smelling chocolate, EA warned that such an offer may not happen again.