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EA CEO says Take-Two bid incorporated GTA's success

SAN FRANCISCO
Tue May 13, 2008 6:25pm EDT

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John Riccitiello, Chief Executive Officer of Electronic Arts, speaks at the Reuters Media Summit in New York, November 29, 2007. REUTERS/Brendan McDermid

SAN FRANCISCO (Reuters) - Electronic Arts Inc's (ERTS.O) $2 billion bid for Take-Two Interactive Software Inc (TTWO.O) fully accounted for the blockbuster success of "Grand Theft Auto 4" video game, Chief Executive John Riccitiello said on Tuesday.

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"Our valuation took fully into account the success of GTA," Riccitiello said.

"In terms of next steps, we are continuing to work with the FTC," Riccitiello said, referring to the U.S. Federal Trade Commission that is studying the proposed takeover. "I don't believe our proposal is in any way anti-competitive."

Electronic Arts' $25.74 per-share tender offer for Take-Two is due to expire this Friday. Take-Two management has urged shareholders not to tender their shares, saying EA's offer is too low.

(Reporting by Scott Hillis, editing by Phil Berlowitz)
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