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.
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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."
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Via Take-Two Games