After
industry rumors of Viacom planning to buy Take-Two for $1.5 billion, Electronic Arts has opened up its coffers and made a $2 billion cash offer for the company, which is best known for its
Grand Theft Auto series. The Take-Two board turned down the deal as "unsolicited proposal as inadequate," so EA made the announcement in an attempt to sway Take-Two's shareholders.
UPDATE: We have included the conversational letters between Take Two's Strauss Zelnick and EA's CEO John Riccitiello.