Microsoft offered an almost 50% premium over Activision's market share price. In spite of Microsoft proposing an all-cash deal and having enough money on hand to finance it, Activision's stock jumped from $65 to $87, still short of the proposed $95 per share offer. As this was the second major gaming M&A deal announced recently, shares of other video game developers jumped in anticipation of more consolidation within the industry. Ubisoft jumped 12%, CD Projekt gained 3% while Electronic Arts moved 6% higher. Shares in Japanese video game companies Capcom, Square Enix and Konami jumped over 2%.