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New York City time, on Friday, July 18, 2008, approximately 11,741,339 shares of Take-Two had been tendered in and not withdrawn from the tender offer
As reported by EA, only 11,741,339 of Take-Two's outstanding shares, or approximately 15% of the total, tendered into EA's offer as of 5:00 p.m. Eastern time on July 18, 2008.
Strauss Zelnick, Chairman of Take-Two, said, "Take-Two's Board continues to be 100% committed to maximizing stockholder value and remains unanimous in continuing to recommend that our stockholders not tender their shares to EA. We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA's inadequate offer. As part of this process, we continue to engage in meaningful discussions with multiple parties, a number of whom have been conducting due diligence. We also remain absolutely focused on executing on our strategic and business objectives."
Ben Feder, Chief Executive Officer, added, “In February, Take-Two’s board rejected EA’s offer as inadequate. Since then, the record-shattering release of Grand Theft Auto IV, the exciting announcement of a BioShock movie, and our ability to deliver financial results exceeding expectations have further demonstrated that our value-creation potential is greater than EA’s offer. Take-Two is also continuing to create significant value through the development of world-class entertainment products, as well as improved operational and financial performance. Our stockholders will be the beneficiaries of these achievements, and it is management’s mission to deliver the greatest value possible for them.”