Shares of most video game publishers rose Monday after Electronic Arts Inc. launched an unsolicited $2 billion offer for Take-Two Interactive Software Inc., sending the buyout target's shares up nearly 55 percent.
EA's cash offer, made public Sunday, values the publisher of "Grand Theft Auto" at $26-per-share, which represents a 64 percent premium to Take-Two's closing stock price on Feb. 15, the day before EA made its proposal.
Take-Two said it is willing to talk with EA after the next installment of its popular crime game goes on sale in April.
EA urged Take-Two to accept its bid quickly, but Take-Two said EA was being opportunistic and "attempting to take advantage" of the upcoming launch of "Grand Theft Auto IV."
EA's offer is seen as an attempt by the company to keep its post as the world's top video game publisher, which is threatened by a planned combination of French media and telecom company Vivendi SA with "Guitar Hero" publisher Activision Inc., EA's chief rival.
Here is how shares of video game publishers fared in Monday's trading:
Take-Two, up $9.53, or 54.9 percent, to $26.89
Electronic Arts, down $2.60, or 5.2 percent, to $47.14.
THQ Inc., up $1.71, or 9.5 percent, to $19.65.
Activision, up 18 cents to $27.38.
Midway Games Inc., up 16 cents, or 7.8 percent, to $2.20.
Atari Inc., up 18 cents, or 12.6 percent, to $1.61.
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