Wedbush Securities analyst says takeover 'cannot happen'
The report which surfaced today claiming that Nexon has made a takeover bid to buy EA is a 'silly rumor', according to analyst Michael Pachter.
The report by a South Korean newspaper caused EA stocks to shoot up by six percent, but some think it's all sound and fury.
Pachter, an analyst for Wedbush securities, is among them.
He provided Games Industry International with the following summary of his reasons the report signifies nothing.
"Nexon's market cap is around $8 billion, and their CEO owns over 50% of the stock. Float is around $1.5 billion," wrote Pachter.
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