EA shares up after rumored Nexon takeover

EA shares are up after a South Korean newspaper rumored this morning Nexon has made a bid for EA. Shares spiked $1.22, or 8.1%, to $16.23 after a 52-week low. Nexon, which has offices in Japan, are the makers of free-to-play MMOs such as MapleStory and Combat arms. The firm's market cap sits around $8.1 billion compared with EA's $5.2 billion. If anything comes of this rumor the likely result would be Nexon purchasing a minor interest in the firm, as it would cost too much takeover EA, which is currently sitting on oodles of cash. Representatives for both firms have told MarketWatch it is neither's policy to comment on rumors or speculation. Analyst Michael Pachter feels the rumor is rather silly, and outlines the reasons it will never happen through here.