Electronic Arts presses on with Take-Two takeover

EA is pressing on with its efforts to acquire its rival, Take-Two, saying that its offer is likely the best one the smaller company will get.

EA has already sent two offers to the company, both of which have been turned down by the Take-Two's board. Its next step will be to release the details of the proposal to generate some grassroots shareholder support for its efforts.

The current proposal calls for an offer of $26 per share, a 64 percent premium to Take-Two's closing price the day before the offer was made. That values the transaction at some $2 billion USD.

In an effort to speed the process, EA urged the company to quickly approve the deal so additional marketing power can be put behind the highly anticipated Grand Theft Auto IV, to be released April 29.

However, Take-Two responded that such a claim was "opportunistic," and brushed it aside.

2007 was a rough year for Take-Two: a shareholder revolt caused a management shakeup in March, followed by the convictions of some of its former executives for stock option backdating.

Additionally, it found itself fighting to keep Manhunt 2 on store shelves, with the British Board of Film Classification banning its sale in the UK.