According to a Feb. 24th press release, EA is in serious talks to acquire Take-Two Interactive Software, Inc for a whopping $2.0 billion. The proposal would buyout all outstanding stocks in cash at a 64 percent premium equaling $26 per share. The public letter was brought forth after Take-Two’s Board of Directors rejected the proposal and according to EA’s CEO John Riccitiello, they where simply trying to make all of Take-Two stockholder’s aware of the company’s decision to deny the large sum of cash.

Mr. Riccitiello called for immediate action from Take-Two so the sale could go through and he warned that there would likely be no other offer presented to Take-Two that involved so much money and immediate profit for their stockholders like this deal would. He added that all of the staff at Take-Two would benefit from added financial resources, better management teams, and outstanding global publishing capabilities if the acquisition were to happen.

Although the proposal was formally offered to Take-Two’s CEO Strauss Zelnick on February 19th, EA decided to leave the proposal on the table for a while longer to allow the shareholder’s to play a role in the company’s decision. They are hoping that a timely sale could still allow for them to continue to market the current hit GTA IV and also provide ongoing support for all of the Take-Two titles scheduled to launch this year.