EA extends Take Two lower the offer

Yesterday brought two key developments in the ongoing Electronic Arts/Take-Two Interactive takeover saga. The morning began with the Federal Trade Commission's announcement that it was launching an investigation to see if an EA buyout of the Grand Theft Auto IV publisher would violate anticompetitive legislation. The evening ended with a Take-Two stockholder meeting in which chairman Strauss Zelnick underlined the company board's repeated declarations that EA's $2 billion buyout offer is "the wrong price at the wrong time."