Playfish said no once, twice ... but perhaps the third time was the charm. The hot social gaming company has been acquired by Electronic Arts, in a deal potentially worth $400 million. Previous reports pegged the price at around $250 million.

EA will pay $275 million in cash, as well as $25 million in equity retention arrangements. Playfish CEO Kristian Segerstrale and the rest of the team also have the opportunity to make $100 million in earnout—provided they hit specific performance goals by the end of 2011. London-based Playfish was backed by around $21 million in funding from Index Ventures and Accel Partners; it will become part of EA Interactive (EAi), the company’s web and wireless-facing division.

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