Publisher’s tough stance in response to EA’s takeover bid undermined
As the ‘will they won’t they’ saga surrounding EA’s proposed takeover of Rockstar-owning Take Two continues, two major Take Two shareholders have cut their stake in the publisher, Reuters reports.
Oppenheimer Funds has cut its stake from 23 per cent, or 8.8 million shares, to just 11.5 per cent, whilst FMR LLC’s stake has been cut from 14.7 per cent to 2.75 per cent.
Wedbush Morgan analyst Michael Pachter said of the move: "To the extent there was speculation that shareholders would band together and hold out for more money from EA, that's kind of shot down now.
"They are voting on this deal and they are voting with their feet. They know they have no leverage.”
Need a reminder of the key moments in this saga? Check out MCV’s timeline of events.
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MCV is the leading trade news and community site for all professionals working within the UK and international video games market. It reaches everyone from store manager to CEO, covering the entire industry. MCV is published by Intent Media, which specialises in entertainment, leisure and technology markets