Shares in Take-Two today have climbed due to a Sony buyout rumor.
Rumors of a possible Take-Two take over by Sony have caused shares in the company to jump 5.4%.
According to a MarketWatch report (via Daniel Ahmad), Sony is currently in “advanced board level discussions” regarding the acquisition of Take-Two Interactive. It’s said to be looking at a “cash deal,” value the company at $130 share, per Joel Kulina of Wedbush Securities.
Going by the numbers, it would be a but difficult for Sony to afford the buy out, unless it has found a buyer for its Sony Pictures division. We’re not privy to its finances, but it would be a very expensive deal.
This isn’t the first time news of a Take-Two acquisition has popped up over the years. The most famous of the lot, or infamous if you will, was when EA made a bid to take over the company in 2008.
The company CEO at the time, John Riccitiello, doggedly pushed to buy out the company with a cash bid of $26 per share, or around $2 billion. The offer was rejected by Take-Two boss Strauss Zelnick.
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Source : vg247.com
