EA extends deadline on Take-Two offer... again

22 July 2008 12:43 GMT / By Verity Burns

EA has extended its unsolicited offer to acquire GTA publishers Take-Two for the fifth time, giving the deal a new deadline of August 18th.

The previous deadline of July 18th came and went after only 15% of shares were tendered in time - some 11,741,339.

Take-Two's chairman Strauss Zelnick said: "Take-Two's Board continues to be 100 per cent committed to maximising stockholder value and remains unanimous in continuing to recommend that our stockholders not tender their shares to EA."

He added: "We are 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. We also remain absolutely focused on executing on our strategic and business objectives."

Take-Two rejected an offer made in February, and since then stock market traders have been sceptical as to whether the deal will over go through.

"In February, Take-Two's board rejected EA's offer as inadequate. Since then, 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," said Ben Feder, Take-Two's CEO.

"Take-Two is also continuing to create significant value through the development of world-class entertainment products, as well as improved operational and financial performance. Our stockholders will be the beneficiaries of these achievements, and it is management's mission to deliver the greatest value possible for them," Feder added.

Well, that told them.

Full tags

OtherConsoles, EA, Games industry, Take-Two