Take-Two Interactive Responds to Electronic Arts Fourth Tender Offer

Take-Two responded today to EA’s fourth unsolicited offer to buy the gaming company. According to Take-Two only 7.9% of all of its outstanding shares were tendered to EA for its fourth purchase offer as of 5pm Eastern Time on June 16, 2008.

Take-Two says that by such a small portion of its investors offering their stock to EA’s fourth proposal that it shows the investors agree with the Take-Two board that EA’s offer still undervalues the company.

"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," said Strauss Zelnick, Chairman of the Board of Take-Two. "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."

Via Take-Two Games

What Others Say about This

WUSA reporter Andrea McCarren balks after backlash over teen drinking stories

At first, the comments from viewers were just nasty. No problem. Andrea McCarren , a veteran TV reporter, could handle that. But then the response to McCarren’s reports about underage drinking on WUSA (Channel 9) took a darker, more threatening turn. Spe ...
Full article at: The Washington Post  More like this  23 minutes ago

Review: AMD Radeon HD 7770

AMD showed its hand first in this year's GPU arms race with Nvidia... by turning it into last year's arms race. While Nvidia has kept shtum about its upcoming new 'Kepler' architecture and looks to do so until Spring, AMD stole the march and released the ...
Full article at: TechRadar UK  More like this  25 minutes ago

Dems still paying for AEG probe

From City and State: A source notes that tucked deep into an obscure campaign finance report for Senate Minority Leader John Sampson is a $5,000 expense for a top white shoe law firm, which is representing Sampson in the ongoing Aqueduct Entertainment Gr ...
Full article at: Queens Crap  More like this  31 minutes ago

Don't miss ...

• More Gaming Stories
• I4U News Homepage