Take-Two Gains Upper Hand

SAN FRANCISCO -- Video games publisher Take-Two Interactive(TTWO) has gained the upper hand in the high-stakes buyout battle between it and larger rival Electronics Arts(ERTS).

That was apparent after EA announced Friday it had extended its tender offer for Take-Two shares that had been set to expire at midnight to May 16. At the same time it reduced its bid to $25.74 a share of Take-Two from $26 a share.

The revised bid takes into consideration the 2 million additional shares that Take-Two shareholders agreed to issue as part of a stock incentive plan. But it does not change EA's overall $2 billion valuation of the company. ...