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EA Postpones Take-Two Offer Deadline Again
by Eric Caoili
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June 17, 2008
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Following a recent deadline extension to June 16 for its offer to acquire publisher Take-Two Interactive, due to an information request from the Federal Trade Commission, Electronic Arts has postponed its deadline for the fifth time to July 18 to allow the FTC review process to continue.
A recent filing showed that EA agreed to a new proposition with the FTC that it would not complete its acquisition until 45 days after the Commission notified EA that it was in compliance with its ruling, or until it had "written notice from the FTC closing the investigation.”
This latest extension comes as business website Forbes indicates that French publisher and developer Ubisoft may also be interested in making a bid for Take-Two Interactive, despite EA’s a hostile takeover attempts. The report also quotes analysts as suggesting that Activision is a likely alternative suitor.
Said EA Corporate Development senior vice president Owen Mahoney: “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. 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.”
Take-Two chairman Strauss Zelnick responded to the postponed deadline: "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.”
Zelnick added: “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.”
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