Electronic Arts (NASDAQ: ERTS) has disclosed that it made a $26 all-cash offer for smaller video game publisher Take-Two (NASDAQ: TTWO). The total value of the deal is about $2 billion.
It is a bit odd that shares in Take-Two took off earlier in the week. Early on Wednesday that stock traded for $15.60. By the close on Friday, the shares hit $17.36.
The chairman and CEO of Take-Two recently signed long-term employment contracts. Those were executed on February 15. The offer for the company was made by letter on February 19.
Douglas A. McIntyre