|From CNET News.com: On Monday, CEO John Riccitiello sent an open letter to Take-Two chairman Strauss Zelnick saying that EA's existing offer to acquire the smaller game manufacturer for $25.74 per share would officially expire just before midnight Eastern time on Monday. It sounds like EA is simply losing patience.
"Given the passage of time, we have to validate the assumptions used in the model to support our offer price of $25.74 per share in cash," Riccitiello's letter read. "In addition, we no longer believe we can integrate Take-Two ahead of the important holiday season."
Over the weekend, the two had discussed the prospect of Take-Two providing a non-public management presentation to EA concerning the company's internal perception of its own value. Zelnick agreed to that, under the condition that EA would enter a confidentiality agreement.
EA originally offered to buy Take-Two in February, almost certainly a response to Vivendi's acquisition of Activision late last year. With Take-Two absorbed, EA would retain its spot as the biggest video game manufacturer.
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