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Take-Two opts for independence

October 03, 2008|Alex Pham

After dismissing Electronic Arts Inc.'s takeover attempts, Take-Two Interactive Software Inc., publisher of the Grand Theft Auto game series, said it had decided to remain an independent company.

The decision concludes a "strategic review" the New York-based game publisher initiated after the unsolicited $2-billion offer from EA. After being repeatedly rebuffed, EA walked last month.

Since Take-Two stepped away from the table, its stock has fallen nearly a third from its highs earlier this year. Its shares topped out at $27.65 on June 5. The stock dropped $1.07, or 6.7%, to $14.86 on Thursday.

Take-Two said in a statement that it had engaged in "detailed discussions with various interested parties" but decided against a merger.

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