We didn't really talk much about the proposed take-over bid from EA to Take-Two Interactive (parent company of 2K Games, among others). However, this latest update is too big to ignore.

Basically, the story goes: EA spoke to the board at Take-Two, said "We will give you $x in exchange for your company." Take-Two say "Thanks, but no thanks, we'll be right." (...or words to that effect, anyway.)

Fast-forward to today. Things have progressed and this is now a hostile takeover bid, with EA going straight to Take-Two's shareholders with an offer of $26 per share, which is exactly the same as what Strauss Zelnick and his men at Take-Two knocked back originally.

Of course, it's not all so simple. In the middle there somewhere, Take-Two were allegedly sued by a shareholder, for making a decision without proper input from the people who own an interest in the company. There was some discussion (see The Warp Pipe for details) about whether or not the board of Take-Two stood to do better financially if the deal didn't go through until April of this year.

...but now, it's official. EA want Take-Two Interactive (and everything that goes with that, including Rockstar Games and their upcoming GTA IV, not to mention the swag of 2K Sports titles).

According to EA Chief Executive Officer John Riccitiello:

"This is a great opportunity for Take-Two shareholders. We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two. This tender offer provides a clear process to complete the proposed transaction. For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two's talented creative teams to the great development organization we've built at EA."

It is also worth noting the deadline that EA have put on the deal - 12 midnight on April 11th, one day after the Take-Two shareholder's meeting, which I'm sure will create a feeling of relaxation and plenty of time to discuss pros and cons.

Interestingly, since the takeover bid was first made public, shares in Take-Two have skyrocketed - originally valued at around $17 per share, they are now worth $24.91, very close to EA's offer. Will this make the bid any less appetising? It's still a 64% premium over the closing stock price on February 15th, the day of the first bid, so this price may well represent an artificial inflation due to the takeover discussions.

We will, of course, be keeping an eye on this one and will keep you posted with any updates. Until then, if you'd like to know more, check out www.eatake2.com, where all the press releases and offers are included in full.