What is it with these hostile tech deals?
First there was Microsoft, and now Electronic Arts. On Monday morning, Electronic Arts announced that it would let its tender offer for Take-Two Interactive Software, which makes the popular "Grand Theft Auto" video game series, expire tonight at 11:59 p.m.
This isn't a maneuver by Electronic Arts to generate a last-minute stampede of shareholders to take up the offer: The offer is conditioned on antitrust clearance -- which still hasn't happened -- as well as on Take-Two agreeing to a definitive merger agreement. Neither condition has been fulfilled. This tender offer is history at midnight.
More puzzling is that Electronic Arts' announcement comes just days before it apparently would have obtained antitrust clearance and satisfied one of the big conditions to the deal.
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