NEWS - Monday, May 19, 2008


Offer Extended for Take-Two Buyout

Electronic Arts has further extended its offer to purchase all of Take-Two Interactive’s outstanding shares, pushing the deadline for the proposed deal to June 16.

EA first made its buyout intentions public in February, offering $2 billion for the Grand Theft Auto IV, BioShock and 2K Sports publisher. Take-Two immediately rebuffed the proposal publicly but said it would enter into discussions with EA on April 30, after the release of GTA IV.

The latest offer was scheduled to expire on May 16, but EA said today that it has pushed that date to June 16 to allow the Federal Trade Commission to continue its examination of the proposed buyout.

"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," said Owen Mahoney, senior vice president of corporate development at EA.

In a news release responding to EA’s offer extension, Take-Two executives said the deal continues to undercut the company’s worth, noting the recent record-breaking success of Grand Theft Auto IV and the publisher’s recent announcement that a feature film based on BioShock is in the works.

"This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders," said Strauss Zelnick, Chairman of the Board of Take-Two. "As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged."

According to both companies, about 6 million Take-Two shares (about 8 percent of the whole) have been transferred to EA so far.

"The small number of shares tendered into EA’s offer to date demonstrates that our stockholders agree with what our Board has maintained from the beginning: EA’s proposal undervalues our Company," said Ben Feder, Take-Two’s CEO.
Source: http://www.ign.com

Comments

Site Statistics

Registered Members: 44,321
Forum Posts: 725,653
Xbox One Titles: 1,081
Xbox 360 Titles: 1,085
Xbox 360 Kinect Titles: 95
Xbox 360 Arcade Titles: 585
Original Xbox Titles: 987
Staff Reviews: 1,643
Member Reviews: 10,339
News Articles: 14,074
Screenshots: 30,717
Xbox 360 Achievements: 45,112
Xbox 360 Faceplates: 2,016
Cheat Codes: 1,706

Latest News








See News Archives

Community Forum Activity

Xbox One Assassins Creed Origins
Post by oryanphine
1 Replies, 322 Views

Xbox One S Porsche 919 Hybrid Edition
Post by oryanphine
3 Replies, 387 Views

OG Xbox on Xbox One now live!
Post by Kamshaft
2 Replies, 621 Views

Xbox One S Renault F1
Post by oryanphine
2 Replies, 456 Views

Xbox One S Wolfenstein 2 The New Colossus
Post by oryanphine
1 Replies, 619 Views

Xbox One S Prey
Post by oryanphine
0 Replies, 422 Views

Xbox One S Cuphead
Post by oryanphine
2 Replies, 716 Views

Xbox One S Shadow of War a gagner
Post by oryanphine
0 Replies, 411 Views

I Buy Very Rare XBox 360 Faceplates
Post by Smill
8 Replies, 1011 Views

Xbox Wire desormais disponible en francais
Post by oryanphine
0 Replies, 774 Views

Manette Xbox 360 Gamestop Radioactive
Post by oryanphine
1 Replies, 1089 Views

Xbox One Moratl Kombat X sur Ebay
Post by oryanphine
0 Replies, 1049 Views

Console Xbox 360 et faceplate Xbox 360 in package blue
Post by oryanphine
0 Replies, 1007 Views

Seagate Fanfest External Drive Scorpio
Post by oryanphine
2 Replies, 1364 Views

Ultimate Game Face
Post by oryanphine
3 Replies, 1246 Views

© 2000-2017 XboxAddict.com - All rights reserved. All trademarks are properties of their respective owners.
Xbox is a registered trademark of Microsoft. XboxAddict.com is not affiliated with Microsoft.

Made in Canada
Site Design by Cameron Graphics