NEW YORK — Take-Two Interactive Software, maker of the top-selling “Grand Theft Auto” video games, posted a record gain in Nasdaq trading Monday after Electronic Arts made a $2 billion takeover offer for the firm.
Take-Two rose above EA’s $26-a-share offer, a sign investors anticipate a higher bid. Take-Two rejected the cash offer Friday, leading Electronic Arts to go directly to shareholders Sunday. The offer is 64 percent more than the closing price Feb. 15, the last day of trading before the bid.
EA, the maker of “Need for Speed” racing and “Madden” football games, is seeking to take advantage of overlapping sports titles and the fourth installment of “Grand Theft Auto.”
Take-Two chairman Strauss Zelnick said Sunday that the offer undervalues the New York-based company and he’s willing to talk to EA after releasing the next “Grand Theft Auto” at the end of April.
“This acquisition shows that money is really no object for Electronic Arts when it sees an asset it wants,” said Evan Wilson, an analyst with Pacific Crest Securities in Portland, Ore. “At $2 billion there is significant uncertainty whether EA will be able to glean a return on investment that’s beneficial to its shareholders.”
Take-Two jumped $9.53, or 55 percent, to $26.89 at 4 p.m. Monday, the biggest gain ever for the company, which went public in 1997. The stock has gained 46 percent this year. Electronic Arts fell $2.60, or 5.2 percent, to $47.14, the most since May 2006.
