'Grand Theft Auto' video game maker rejects Electronic Arts' buyout bid

Take-Two immediately rejected the offer, just as it rejected previous approaches from EA that were made privately but detailed Sunday when EA went public with its bid of $26 a share.

In an early morning conference call today with industry analysts, Warren Jenson, EA's chief financial officer, said his company wanted "to make this a friendly deal." He said EA hoped to "sit down" with Take-Two's board and complete the acquisition. EA also emphasized that it considered Take-Two to be at its peak acquisition value - hence EA's urgency at reaching a rapid resolution - and that Take-Two was viewed as a "depreciating asset from this time forward."