After Months of Talks, Take-Two Opts to Remain Independent

Authored by Mark Hefflinger on October 2, 2008 - 10:30am.

New York - Video game publisher Take-Two Interactive (NASD: TTWO) announced on Thursday that, following talks with a number of suitors over the last several months, and in the wake of a failed $2 billion takeover bid from rival Electronic Arts (NASD: ERTS), it will remain an independent company.

"Following detailed discussions with various interested parties over the last five months, Take-Two's board of directors has determined that it is in the best interests of stockholders to conclude its review of strategic alternatives and to continue operating and building Take-Two as an independent company," the company said in a statement.

"We have delivered solid financial results and expanded our portfolio of leading titles, which includes the powerful Grand Theft Auto franchise, as well as 15 other wholly owned brands with sales of more than one million units each," added Take-Two CEO Ben Feder.

"Our strong cash position -- with no debt and an undrawn $140 million credit facility -- gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect."