News
EA launches new $2bn cash bid for Take Two’s stock
Tim Ingham Mar 13 2008, 9:48am
Comments (6)
‘Hostile' tender offer being taken directly to GTA publisher’s shareholders
Electronic Arts is targeting Take Two’s shareholders with a tender offer to acquire outstanding stock for $26 each – the price it offered the company in its buyout bid last month.
The cash bid is worth $2 billion.
According to the Wall Street Journal , ‘the move signals that EA's attempt to gain control of Take-Two, publisher of the blockbuster Grand Theft Auto game, is turning hostile’.
Take Two temporarily traded above the $26 a share that EA originally offered, but its share price later dipped below the price. Its stock traded at 4 pm yesterday at $24.91, up 26 cents, on the Nasdaq.
Take Two has consistently rejected EA’s $1.9 billion offer as undervalued and ill-timed. Chairman Strauss Zelnick has since shown a keen interest in keeping the company independent.
The publisher announced yesterday that the Grand Theft Auto series had sold more than 66 million copies in its history.
"We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take Two. This tender offer provides a clear process to complete the proposed transaction," said John Riccitiello, EA's chief executive.
Comments
“Chairman forgot 'gamers'...”
Posted by: topfunk - Mar 13, 10:16am
He should have said 'shareholders and customers' ...
“Re: Chairman forgot 'gamers'...”
Posted by: Chuck Norris - Mar 13, 10:26am
We are all screwed if EA takes over...
“Re: Chairman forgot 'gamers'...”
Posted by: Niko - Mar 13, 10:34am
The end is nye...
“Re: Chairman forgot 'gamers'...”
Posted by: LordVader - Mar 13, 10:38am
No, Chuck, we're really not.
“Re: Chairman forgot 'gamers'...”
Posted by: Zan - Mar 13, 3:53pm
It is so nice to trash EA. But we all go and buy FIFA or any other EA game. Like it or not, they are still making VERY GOOD games and they deserve to be on top of the publishers.
“Re: Chairman forgot 'gamers'...”
Posted by: Endscrypt - Apr 23, 1:35pm
Agreed if EA get there way id i believe we will i dont think GTA will ever be the same again,Feel absloutley gutted (HANDS OFF TAKE TWO) keep it indie