We've all probably heard by now that EA wants Take Two. Take Two has kindly refused their offer, and have recently been sued by a shareholder who alleges that the company didn't reveal the takeover bid to shareholders in order to arrange for a better deal, but not before Jack Thompson tried to worm his way into the conflict, to which EA chose to give him a subtle boot to the head.

But apparently EA means business; they've put a deadline on Take Two: April 11, although it could be extended. Zelnick wasn't too happy initially because he was afraid that EA was trying to worm its way into getting the profit from GTAIV. Will Take Two succumb? Only time will tell...

Electronic Arts Inc <ERTS.O> plans to launch a tender offer for all outstanding shares of rival Take-Two Interactive Software Inc <TTWO.O>, publisher of "Grand Theft Auto" video games, a person familiar with the matter said, indicating EA's $1.9 billion bid is turning hostile.

Take-Two last month rejected EA's unsolicited offer. EA will offer Take-Two shareholders $26 a share, the same price at which it launched its all-cash bid, the person said.

Take-Two Chairman Strauss Zelnick has called the bid "the wrong price and the wrong time," arguing that EA was trying to buy his company on the cheap just before the launch of Grand Theft Auto 4, the latest in a blockbuster franchise which debuts on April 29.

Avalith via boston.com »