Electronic Arts extended the time line for a hostile offer to acquire Take-Two Interactive Software on Monday reports Reuters. The $2 billion take over bid was originally scheduled to expire on May 16 but will now expire on June 16.
Take-Two Software in the publisher of the mega-hit “Grand Theft Auto 4.”
EA made an unsolicited offer to take over the company last month according to reports.
EA said about 6.2 million shares, or about 8 percent, of Take-Two had been tendered in the offer. Take-Two has rejected the bid, saying it undervalues the company.
The U.S. Federal Trade Commission previously asked for more information about the proposed buyout. Extending the tender deadline will allow the FTC’s review of the proposed deal to continue, EA’s senior vice president of EA corporate development, Owen Mahoney, said in a statement.
Additional details were not immediately available.
Take-Two shares closed Friday at $27.10 on Nasdaq, some 5.2 percent above the $25.74 per share offered by Electronic Arts.
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