EA retracts Take-Two takeover bid

Electronic Arts has announced that it has pulled out of its attempts to acquire Grand Theft Auto publisher Take-Two.

EA had been trying to negotiate a $2 billion bid for Take-Two for the past six months, but finally gave up following a managerial presentation and review of materials.

An EA statement said: "After careful consideration, including a management presentation and review of other due diligence materials... EA has decided not to make a proposal to acquire Take-Two and has terminated discussions with Take-Two."

Industry analysts have speculated that the reason for the halted interest may have been down to fears that EA wouldn't be able to hold on to Rockstar creative talent and that the company wanted to appear financially responsible.