Video game publisher Electronic Arts on Sunday offered to buy rival Take-Two Interactive Software Inc, best known for its "Grand Theft Auto" title, for
about $2.0 billion in cash.
The $26-per-share offer by Electronic Arts, which publishes
blockbuster games like "Madden" and "Need for Speed," represents
a 50 percent premium to Take Two's closing stock price of $17.36
EA said that the board's subsequent rejection of the EA proposal
prompted EA to release the letter and bring its proposal to the
attention of all Take-Two shareholders.