Electronic Arts and Take-Two Dancing Again
EA doesn't take no for an answer.
Published: May 19, 2008
Good old Electronic Arts. You can't say they aren't persistent.
The EA/Take-Two Interactive saga continued today, with EA extending its tender offer passed its May 16th, 2008 expiration date to June 16th, instead. EA is offering to purchase all outstanding shares of common stock in Take-Two, thus giving it majority ownership over the company.
Take-Two has been stalling, hoping that Grand Theft Auto IV would save it, and thus far, it seems to be doing the trick. With sales numbers through the roof, everyone is taking a long, hard look at Take-Two and its financials. Grand Theft Auto IV's downloadable content is the next major release for the franchise.
“Extending our offer will allow the FTC review process to continue,” said Owen Mahoney, Senior Vice President of EA Corporate Development. “EA’s offer price remains unchanged at $25.74 per share and our offer is still subject to conditions that include regulatory approval. As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied.”
There's no telling if EA will ever back down and at this point the ball is in their court. We'll have to wait until June to see how this shakes out.
The EA/Take-Two Interactive saga continued today, with EA extending its tender offer passed its May 16th, 2008 expiration date to June 16th, instead. EA is offering to purchase all outstanding shares of common stock in Take-Two, thus giving it majority ownership over the company.
Take-Two has been stalling, hoping that Grand Theft Auto IV would save it, and thus far, it seems to be doing the trick. With sales numbers through the roof, everyone is taking a long, hard look at Take-Two and its financials. Grand Theft Auto IV's downloadable content is the next major release for the franchise.
“Extending our offer will allow the FTC review process to continue,” said Owen Mahoney, Senior Vice President of EA Corporate Development. “EA’s offer price remains unchanged at $25.74 per share and our offer is still subject to conditions that include regulatory approval. As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied.”
There's no telling if EA will ever back down and at this point the ball is in their court. We'll have to wait until June to see how this shakes out.
