DP ServBot
07-21-2008, 11:30 AM
Filed under: Business (http://www.joystiq.com/category/business/)
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With another deadline in EA's takeover bid come and gone (http://www.joystiq.com/2008/06/17/ea-extends-take-two-offer-to-july-18/), the industry's #2 publisher isn't quitting and has reaffirmed it still wants to gobble up Take-Two by extending its $25.74 per share offer deadline to Aug 18 (http://investor.ea.com/phoenix.zhtml?c=88189&p=irol-newsArticle&ID=1177057&highlight). EA currently has only 15% of Take-Two's stock, which translates to 11,741,339 shares. Obviously, EA needs over half the shares to complete the takeover.
Take-Two chairman Strauss Zelnick (http://www.joystiq.com/tag/strauss-zelnick) released a statement that the company's board is "100% committed to maximizing stockholder value," calling it "inadequate" and recommending stockholders not take the EA offer. He says that Take-Two is currently "engaged in meaningful discussions with multiple parties" and that some of those groups have been conducting due diligence (a fancy legal term for checking under a company's hood and making sure everything looks kosher). Meanwhile, the FTC is probing the deal over possible antitrust issues (http://www.joystiq.com/2008/07/08/ea-wont-make-move-on-take-two-until-after-ftc-probe/) and should be finished by Aug. 21.
Source (http://investor.ea.com/phoenix.zhtml?c=88189&p=irol-newsArticle&ID=1177057&highlight) - EA extends deadline to Aug. 18
Source (http://ir.take2games.com/ReleaseDetail.cfm?ReleaseID=323327) - Take-Two responds to fifth extension
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http://www.blogsmithmedia.com/www.joystiq.com/media/2008/07/eaeatstaketwo.jpg
With another deadline in EA's takeover bid come and gone (http://www.joystiq.com/2008/06/17/ea-extends-take-two-offer-to-july-18/), the industry's #2 publisher isn't quitting and has reaffirmed it still wants to gobble up Take-Two by extending its $25.74 per share offer deadline to Aug 18 (http://investor.ea.com/phoenix.zhtml?c=88189&p=irol-newsArticle&ID=1177057&highlight). EA currently has only 15% of Take-Two's stock, which translates to 11,741,339 shares. Obviously, EA needs over half the shares to complete the takeover.
Take-Two chairman Strauss Zelnick (http://www.joystiq.com/tag/strauss-zelnick) released a statement that the company's board is "100% committed to maximizing stockholder value," calling it "inadequate" and recommending stockholders not take the EA offer. He says that Take-Two is currently "engaged in meaningful discussions with multiple parties" and that some of those groups have been conducting due diligence (a fancy legal term for checking under a company's hood and making sure everything looks kosher). Meanwhile, the FTC is probing the deal over possible antitrust issues (http://www.joystiq.com/2008/07/08/ea-wont-make-move-on-take-two-until-after-ftc-probe/) and should be finished by Aug. 21.
Source (http://investor.ea.com/phoenix.zhtml?c=88189&p=irol-newsArticle&ID=1177057&highlight) - EA extends deadline to Aug. 18
Source (http://ir.take2games.com/ReleaseDetail.cfm?ReleaseID=323327) - Take-Two responds to fifth extension
Permalink (http://www.joystiq.com/2008/07/21/ea-extends-take-two-takeover-to-aug-18/) | Email this (http://www.joystiq.com/forward/1262272/) | Comments (http://www.joystiq.com/2008/07/21/ea-extends-take-two-takeover-to-aug-18/#comments)
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