(25 February 2008 2:25 pm)

MUMBAI: Video game publisher Electronic Arts (EA) has proposed to acquire gaming rival Take-Two Interactive Software in an all-cash bid of approximately $2 billion, or $26 per share.

In a letter send by EA CEO John Riccitiello to Take-Two executive chairman Strauss Zelnick, the company had made the proposal.

However the company said that the Take-Two Board's subsequent rejection of its proposal led EA's decision to release the letter and bring its proposal to the attention of all Take-Two shareholders.

EA said its $26 per share cash proposal represents a 63 per cent premium to Take-Two's closing price over the previous 30 days. It also said its proposal was not conditional on any financing requirement.

Take-Two's proprietary brand franchises include Grand Theft Auto, Max Payne, Manhunt and Sid Meier's Civilization.