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Take-Two urges shareholders to take no action over EA offer

Publisher's Board will reach decision within 10 business days

Take-Two Interactive has urged shareholders to take no action following Electronic Arts' official tender for all outstanding shares of common stock of the company.

The Grand Theft Auto publisher has said that it is considering EA's offer and will advise its shareholders of the Board's decision within 10 working days.

"Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Take-Two's Board will review and consider EA's offer, and within 10 business days, will advise Take-Two's stockholders of the Board's position regarding the offer as well as its reasons for that position," said the company in a statement.

Following Take-Two's rejection of EA's USD 2 billion offer to buy the company, the publishing giant made an official tender offer this morning to buy outstanding stock for USD 26 per share.