Take-Two again spurns bid from Electronic Arts

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Take-Two again spurns bid from Electronic Arts

Post by PJ the WARLORD on Wed Mar 26, 2008 8:55 am

In a statement Wednesday morning, Take-Two (TTWO:Take-Two Interactive Software
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Last: 25.98+0.16+0.62%

9:39am 03/26/2008

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TTWO 25.98, +0.16, +0.6%) recommended that shareholders not tender their shares to EA, which made its first offer to the company in private last month before setting a tender offer for the company's shares on March 13.
EA (ERTS:Electronic Arts Inc
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9:39am 03/26/2008

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ERTS 49.12, -1.06, -2.1%) is offering $26 per share - about $2 billion - for Take-Two, which publishes the blockbuster "Grand Theft Auto" video game franchise.
Take-Two said its board has "thoroughly" reviewed the offer and agreed unanimously that it wasn't in the best interest of shareholders. But the company added that it will explore strategic alternatives, which may include a business combination with other companies, including EA.
"Our Board, after careful review, has unanimously determined that Electronic Arts' offer continues to provide insufficient value and remains opportunistically timed to capture the value of the upcoming Grand Theft Auto IV launch at the expense of our stockholders," said Strauss Zelnick, chairman of Take-Two, in a prepared statement.
The company did seem to soften its previous position that it will not entertain merger discussions before the April 29 launch of the next "Grand Theft" game. In its latest statement, Take-Two said it is willing to "engage in preliminary discussions" with other parties prior to the launch under confidentiality agreements.
Take-Two had previously rejected EA's buyout proposal. EA made its offer public on Feb. 24, announcing it had sent an offer to Take-Two's management, which had taken control of the company last year after shareholders voted out the company's previous team of top executives.
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