Archives by Day

September 2014
SuMTuWThFSa
123456
78910111213
14151617181920
21222324252627
282930

About Rainier

PC gamer, WorthPlaying EIC, globe-trotting couch potato, patriot, '80s headbanger, movie watcher, music lover, foodie and man in black -- squirrel!

Advertising





EA Extends Expiration Date for Take-Two Offer Another Month

by Rainier on June 17, 2008 @ 5:37 a.m. PDT

Electronic Arts announced that it has extended its tender offer (which expired June 16, 2008 at 11:59 p.m.) for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two to 11:59 p.m., New York City time, on July 18, 2008, unless further extended.

Electronic Arts announced that it has extended its tender offer (which expired June 16, 2008 at 11:59 p.m.) for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two to 11:59 p.m., New York City time, on July 18, 2008, unless further extended.

"Our offer price remains unchanged at $25.74 per share, which is a substantial premium to where Take-Two's stock was trading prior to our offer," said Owen Mahoney, Senior Vice President of EA Corporate Development. "We congratulate Rockstar on the successful launch of GTA IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation."

Extending the tender offer allows the FTC review process to continue. The proposed transaction is still subject to certain conditions that include regulatory approval. EA retains the right to terminate the offer if the conditions are not satisfied.

As of 5:00 p.m., New York City time, on Monday, June 16, 2008, approximately 6,139,824 shares of Take-Two (7.9%) had been tendered in and not withdrawn from the tender offer.

“The latest extension of EA’s unsolicited, highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares,” said Strauss Zelnick, Chairman of the Board of Take-Two. “Our Board of Directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the Board continues to recommend that stockholders not tender their shares to EA. The Board remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximize value. We believe that these alternatives, which may include a business combination or remaining independent, will deliver greater value to stockholders than the current EA offer.”

Ben Feder, Chief Executive Officer, commented, “Take-Two’s vast potential to create and enhance stockholder value has become even more evident in recent weeks, with the runaway success of Grand Theft Auto IV, a product pipeline that is one of the strongest and most creative in our history, and continued operational and financial progress. We believe that any alternative we consider must fully reflect the value we are creating and capture that value for the benefit of our stockholders.”

blog comments powered by Disqus