Electronic Arts Inc. today announced that it has offered to acquire Take-Two Interactive Software, Inc. in an all-cash merger valued at approximately $2.0 billion.

EA's proposal of $26 per share in cash represents a premium of 64 percent over Take-Two's closing stock price on Feb. 15th, the last trading day before EA sent its revised proposal to Take-Two, and a 63 percent premium over Take-Two's 30-day trailing average price over the thirty trading days ending on that date.
EA CEO Riccitiello said today: "Our all-cash proposal is a unique opportunity for Take-Two shareholders to realize immediate value at a substantial premium, while creating long-term value for EA shareholders. Take-Two's game designers would also benefit from EA's financial resources, stable, game-focused management team, and strong global publishing capabilities."

I guess we will hear today whether or not Take-Two accepts the EA offer. From the outside the proposal looks pretty tempting.
The EA Take-Two deal would just be yet another consolidation in the video game industry.
Via the EA investor site.