Electronic Arts ends merger talks with Take-Two Interactive

The maker of top-selling video game “Grand Theft Auto” Take-Two Interactive Inc Shares fell after talks with Electronic Arts Inc of a takeover bid ended, the shares fell lower than in almost 7 years, Take-Two fell 27 percent down to $15.93 percent at 9.42am New York Time, this is the biggest drop since December 2001. Electronic Arts shares fell just 2.7 percent down to $43.77.

Last Month, Redwood City, California based Electronic Arts had decided to go into talks with Take-Two and drop its $2 billion hostile bid the well known game maker based in New York.

However yesterday Electronic Arts said they will not make a proposal to buy Take-Two in view of due-diligence materials and management presentations.

Read the full article in Bloomberg