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Electronic Arts Terminates Merge Talks with Take-Two

Electronic Arts today announced that after careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two, EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two. CEO John Riccitiello said: “EA is tracking toward a record breaking year. We’re launching 15 new games including award-winners like Spore, Dead Space and Mirror’s Edge, great new titles from the Sims, new family titles with Hasbro, and the highest quality slate of EA Sports titles on this generation of consoles.”

Take-Two Chairman Strauss Zelnick responded, “We remain focused on creating value for our stockholders and our consumers. This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders. As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives. We’re especially proud of the success we’ve enjoyed over the past eighteen months and we remain confident in our ability to generate value for stockholders.”

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