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Take-Two asks shareholders not to act on EA's bid

Thu Mar 13, 2008 11:32am EDT

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SAN FRANCISCO, March 13 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) said on Thursday it advised shareholders to take no action at this time in response to rival video game publisher Electronic Arts Inc's (ERTS.O) $26-per-share offer to buy the company.

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Take-Two said its board will review and consider EA's offer, which values the "Grand Theft Auto" publisher at nearly $2 billion, and will tell shareholders of its position within 10 business days.

EA said on Thursday it would take its bid directly to shareholders after Take-Two's board rejected its earlier unsolicited offer, also of $26 per share, made late last month. (Reporting by Scott Hillis; Editing by Derek Caney)

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