EA dumps Take-Two take-over discussions

Electronic Arts said on Sunday that they are no longer interested in acquiring Take-Two. A press release made the announcement stating that “after careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two … EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two.”

John Riccitiello, the CEO of EA added, “EA is tracking toward a record breaking year. We’re launching 15 new games including award-winners like SPORE, Dead Space and Mirror’s Edge, great new titles from the Sims, new family titles with Hasbro, and the highest quality slate of EA SPORTS titles on this generation of consoles”.

In pre-market trading on Monday morning shares of Take-Two dropped dramatically down $6.44 or about 29%, while shares of EA are down only $2.48 or 5%.