San Francisco - Shares of Take Two Interactive plunged Monday after Electronic Arts ended its seven-month pursuit of the maker of Grand Theft Auto. In midday trading in New York, Take-Two shares fell 23 per cent to 16.84 dollars.
EA, the world's largest video-game maker and publisher of titles such as The Sims, has been fighting to acquire Take-Two since February, when it offered to pay up to 26 dollars per share, or about 2 billion dollars.
Take Two rejected the advances, saying that the offer undervalued the company and its expansion plans. However, the companies started formal talks last month, which EA ended on Sunday after deciding that it would not be able to integrate the company in time for the critical holiday shopping season.
In response to EA's decision, Take Two Chairman Strauss Zelnick said that his company was still "actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives."
