Wall Street sees the rationale behind Take-Two’s $12.7 billion deal to buy Zynga, even if traders hate the transaction at first blush.
“Take-Two is using its balance sheet and equity to opportunistically buy a good mobile asset in a depressed market,” said Jefferies analyst Andrew Uerkwitz.
The Grand Theft Automaker said it would pay a 64% premium to scoop up Words With Friends developer Zynga, using a mix of cash and stock. Zynga will continue to be led by CEO Frank Gibeau, get two seats on…
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