Video game publisher Electronic Arts has formally terminated negotiations to take over controversial Grand Theft Auto publisher Take-Two Interactive…after getting a look at Take-Two’s future project plans and due diligence materials disclosed as part of the companies’ negotiations. The announcement sent the price of Take-Two shares plunging, as potential investors had been looking forward to a payday with an EA acquisition.
“After careful consideration, including a management presentation and review of other due diligence materials provided by Take-Two Interactive Software, EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two,” the company said in a brief statement.
