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Take-Two Interactive Software, publishers of the Grand Theft Auto series of games, has rejected an unsolicited $2billion acquisition bid from Electronic Arts. The $26 per share cash bid was rejected by the Take-Two Board on the grounds that it …   

substantially undervalues Take-Two’s robust and enviable stable of game franchises, exceptional creative talent and strong consumer loyalty. We believe EA’s unsolicited offer is highly opportunistic and is attempting to take advantage of our upcoming release of Grand Theft Auto IV, one of the most valuable and durable franchises in the industry. Furthermore, the offer values the Company at a significant discount to its public peers and does not compensate Take-Two for its intrinsic value and the substantial synergies that the proposed combination would create.     

  The door is however open for an improved offer in the future. 

 An open letter from EA CEO John Riccitielo explains the thinking behind the offer ..   

Right now, Take-Two’s future is uncertain. Take-Two’s creative teams make fantastic games and the company has gotten some good interim support from a group of new corporate leaders. But Take-Two is facing a host of threats and – with or without combination with EA – we believe there is a strong likelihood that the company will be sold in the not-too-distant future. We also believe that EA’s proposal to acquire Take-Two is a good one for the people that make the games or are involved in leading these creative teams. We’re offering stable management with an executive team that truly understands games. EA has a powerful publishing capability. We want to offer these and other advantages to Take-Two’s creative teams and provide them an environment that shields these teams from unnecessary interference and allows them to keep making great games.  

 EA Open Letter  Rejection  

The head of Sony’s in-house game studio and one of its longest serving executives, Phil Harrison, will resign from the company at the end of February, Sony Computer Entertainment said Monday. No reason was given for the move which will see Kaz Hirai, president of Sony Computer Entertainment (SCE), take on Harrison’s duties in addition to his current job running the entire gaming unit.      Full Story 

PlayFirst, a publisher focused exclusively on casual games, has announced that it has granted $30,000 in awards to independent developers who submitted games to the 2007 Developer Dash funding program. Recipients range from incorporated companies to individual developers across the globe. The winners are Kef Sensei (Uruguay), SortaSoft (USA), Mini IT (Russia), Beatshapers (Ukraine), Sergey Batishchev (Russia) and Rafal Kozik (Poland).

“Historically, expansion in video game adoption has largely been driven by innovations in game design,” said John Welch, CEO and president of PlayFirst who is keynoting the Casual Games Summit at GDC on Monday, Feb. 18. “As a leader in casual games, we consider it our privilege and responsibility to encourage creativity among the development community. Fostering creativity benefits everyone because innovative hits lift the profile and appeal of the entire category.”

Launched at the 2007 Game Developers Conference (GDC), Developer Dash is PlayFirst’s funding initiative to inspire creativity and innovation in the casual games industry. As part of the program, PlayFirst has ear-marked $100,000 per year in funds to recognize game developers for delivering creative and innovative games. As a result of the 2007 Developer Dash, PlayFirst also completed a new publishing contract with Kef Sensei based on the company’s outstanding submission to the program.

“We received dozens of Developer Dash entries in 2007, which is fantastic given that this was the first year Playground SDK was freely available,” said Craig Bocks, director of publishing, PlayFirst. “Many of those submissions were grant worthy and we’re extremely pleased to announce that one in particular, from Kef Sensei, led us to sign a publishing deal with the developer.”

“Winning a Developer Dash award is exciting and the publishing deal is like a dream come true for a startup game studio like ours,” said Eli Barnett, CEO, Kef Sensei. “PlayFirst is really stepping up in their search for new, talented developers that challenge existing genres and game dynamics to take the casual industry to an entirely new level. The Developer Dash program provides a great incentive for small and talented developers who have great ideas, but are in need of funding.”

PlayFirst investors include Mayfield Fund, Trinity Ventures, Rustic Canyon Partners and DCM.

Source: PlayFirst Release

After two years in obscurity it appears that Carl Freer may be about to re-launch Gizmondo. Yes you heard it right - the controversial Swede is trying to launch a new version of the same gadget. You may recall that Gizmondo was a hand-held console which incorporated an MP3 player, had a built in  GPS  and was capable of text messaging. After 18 months the company went bust with losses of over £100million. Now Freer is joining forces with UK design firm Plextech who has bought the rights to the Gizmondo from the liquidators. Oooh I can’t wait!

Cryptic Studios, original developer of NCsoft’s superhero MMO City of Heroes and developer of the recently canned superhero MMO Marvel Universe Online, has announced its next game. It’s a superhero MMO.

US magazine Game Informer has the scoop in its next issue, and has leaked a couple of details early along with the mag’s cover.

The game will be called Champions Online and is planned for “consoles” as well as PC. Seems it will allow you to play as a hero or a villain.

Cryptic Studios is a leading independent developer of Massively Multiplayer Online Role Playing Games, with a reputation for delivering profitable, on-time, on-budget titles. They developed the innovative and successful City of Heroes, as well as its subsequent expansion, City of Villains. Both titles garnered numerous awards from leading enthusiast press including GameSpy’s Game of the Year award in 2004.

Cryptic Studios‘ development process is centered on efficiently structured teams working together in a collaborative atmosphere to develop high quality games. Their goal is to deliver an unparalleled gaming experience appealing to a wide range of audiences. As an independent developer, Cryptic has the freedom to choose projects they are passionate about, based on genres and IP they know and love. Cryptic’s belief in balancing valuable family time with work provides a positive environment, promoting team work, creativity, and the exchange of ideas and opinions.