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Take-Two Board Rejects EA Bid



26 March 2008 @ 07:33 am EST

NEW YORK (AP) - "Grand Theft Auto" publisher Take-Two Interactive is rejecting a $2 billion buyout bid from rival video game company Electronic Arts.

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Take-Two says the $26-per-share bid, which turned hostile 10 days ago when EA took the offer directly to shareholders, is inadequate.

Take-Two also adopted a shareholders' rights agreement and moved the date of its annual shareholders meeting to April 17 from April 10.

Redwood City, Calif.-based Electronic Arts Inc. is the world's largest game publisher.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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