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EA deadline on Take-Two passes EA deadline on Take-Two passes
(20 minutes later)
A deadline set by US video game giant Electronic Arts for shareholders in Take-Two Interactive Software to accept a $1.9bn(£968m) offer has passed.A deadline set by US video game giant Electronic Arts for shareholders in Take-Two Interactive Software to accept a $1.9bn(£968m) offer has passed.
EA revealed its unsolicited $25.74 a share move for Take-Two, the owner of Grand Theft Auto, back in February.EA revealed its unsolicited $25.74 a share move for Take-Two, the owner of Grand Theft Auto, back in February.
EA took the offer directly to Take-Two shareholders after its board rejected the bid as undervaluing the company.EA took the offer directly to Take-Two shareholders after its board rejected the bid as undervaluing the company.
Neither firm commented after Friday's midnight deadline, set by EA as the expiration for acceptance of its offer.Neither firm commented after Friday's midnight deadline, set by EA as the expiration for acceptance of its offer.
'Few more dollars''Few more dollars'
Take-Two's board had refused to discuss a takeover with EA before the 29 April launch of "Grand Theft Auto IV."Take-Two's board had refused to discuss a takeover with EA before the 29 April launch of "Grand Theft Auto IV."
The title sold 926,000 copies in its first week, earning Take-Two close to £40m. Take-Two saw its stock close at $27.10 on the Nasdaq, down 0.8% but 5.2% above the $25.74 per share offered by EA. The title sold 926,000 copies in its first week.
Take-Two saw its stock close at $27.10 on the Nasdaq, down 0.8% but 5.2% above the $25.74 per share offered by EA.
"The market's probably suggesting that EA should come up with a few more dollars and that may be a likely a scenario," said Colin Sebastian, an analyst with Lazard Capital Markets."The market's probably suggesting that EA should come up with a few more dollars and that may be a likely a scenario," said Colin Sebastian, an analyst with Lazard Capital Markets.
"It doesn't seem like shareholders would tender at $25.74 if the stock is trading at $27.""It doesn't seem like shareholders would tender at $25.74 if the stock is trading at $27."