Stocks involved in dealmaking made some major advances as the overall markets moved forward in midday trading Monday. Take-Two Interactive Software Inc. [TTWO] posted its largest gain ever, skyrocketing 52%, or $9.11 to $26.50 following Electronic Arts Inc.'s $2 billion all-cash bid takeover offer. The offer was part of a flurry of dealmaking Monday. Overall, the Dow was up .13%, or 16.03, to 12,397.05, and the Nasdaq moved down 0.29%, or $6.75, to 2,296.60.
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The $2 billion offer was rejected by Take-Two on Feb. 22, forcing EA to take the bid to shareholders on Sunday. For Electronic Arts, the linchpin of the deal revolves around the acquisition of Take-Two's highly profitable "Grand Theft Auto," which will release its next installment April 29.
Meanhwhile, Getty Images Inc. moved up 30.35%, or 7.42 to 31.88 on news that the digital photo service has agreed to go private with Hellman & Friedman LLC in a $2.4 billion deal.
All wasn't roses for the financial sector, as Citigroup Inc. [C] was slightly in the red on news an Oppenheimer Inc. analyst predicted the bank may be forced to sell $100 billion worth of assets on news that it could post a loss of $1.6 billion, or 28 cents a share, for the first quarter. Citigroup posted a profit of about $5 billion in the first quarter 2007. Additonally, shares of Fifth Third Bancorp [FITB] were in the red following a Fifth Third derivative shareholder lawsuit that has been filed against the company to stop its pending merger with First Charter Corp. - Gerald Magpily
