EA Extends Take-Two Buyout Offer Yet Again

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For the fourth time, mega-publisher Electronic Arts has extended its hostile takeover bid of rival publisher Take-Two Interactive Software. Take-Two shareholders now have until July 18 to consider EA's unchanged offer of $25.74 per share.

EA cited the ongoing FTC review process of the proposed merger as the impetus behind the latest extension. Take-Two owns numerous popular properties, including Grand Theft Auto, Max Payne, Sid Meier's Civilization, and BioShock.

The most recent previous deadline was set for June 16. EA first made an unsolicited $2 billion offer to buy Take-Two in late February, and took that offer directly to shareholders after it was rejected by Take-Two's board of directors.

As of June 16, EA claimed that shareholders had committed to selling it 6.13 million, roughly 7.9%, of Take-Two's outstanding shares. Curiously, that figure marks a slight decline since EA's claims that 6.21 million shares had been tenders as of May 16.

In response, Take-Two CEO Strauss Zelnick again noted its belief that EA's offer "still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares."

From The Chatty
  • reply
    June 17, 2008 7:32 AM

    Take-Two should buy EA

    • reply
      June 17, 2008 4:28 PM

      THIS would be awesome. One other company I worked for had the possibility to do this, and fucked it up.

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