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NY Times: The Game Within the (Video) Game

NY Times: "Short-term investors hoping to capitalize on an Electronic Arts's hostile takeover of Take-Two Interactive are nervously watching the clock.

These investors, commonly called arbitrage investors, are anxious to see a deal done quickly. That might go without saying (they are, after all, short-term investors). But the stakes have been magnified by the current tumult on Wall Street. That, at least, is the perspective of one such short-term investor with whom I spoke this morning. (He didn't want his name used because he was not authorized by his company to speak to the press.)

The conversation came as Electronic Arts has launched a hostile bid to pay $2 billion for Take-Two, maker of the hit video game franchise Grand Theft Auto. Electronic Arts's proposed payment amounts to $26 per share. The trouble is that many short-term investors have bought at or around the $26 price, roughly where the stock has been trading, and they're eager for a few dollars more of upside."

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