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EA Again Extends Take-Two Deadline
by Brandon Boyer [PC, Console/PC, Mobile Console]
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July 21, 2008
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Once again, EA has extended its tender offer for outstanding shares of rival publisher Take-Two in its ongoing bid to acquire the company, with Take-Two noting that - despite the long string of extensions - only 15 percent of outstanding shares have been cashed in.
EA's previous extension put the deadline date to July 18th, and has now been extended an additional month to August 18th. The publisher says the extra time "allows the FTC review process to continue." EA said recently that it had reached a deal with the FTC to not conclude any acquisition before August 21st, but said a deal could be struck earlier if the FTC officially closes its investigation before then.
In a response from Take-Two, chairman Strauss Zelnick has maintained the company's position that the board is unanimously against stockholders tendering their shares to EA. Zelnick says the company is "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," said Zelnick, hinting at an offer previously rumored to be coming from publisher Ubisoft.
Added Take-Two CEO Ben Feder, "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."
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