electronic arts lets go of take two

After 8 months of talk, Electronic Arts has withdrawn its $2 billion hostile takeover bid for Take-Two Interactive. EA says they ended the bid when it became clear that it was going nowhere fast in time for the upcoming holiday season.

Take-Two has said that the $2 billion price undervalued its shares and long-term potential.

“What was presented to shareholders was not acceptable,” Strauss Zelnick, chairman of Take-Two, said Sunday.

The deal would have combined one of the industry’s largest companies, Electronic Arts, with arguably the biggest game franchise, Grand Theft Auto, which is published by Take-Two.

Electronic Arts Ends Bid for Take-Two Interactive