Board recommends investors ‘take no action’; official position to be announced within ten days
Take Two’s Board of directors has recommended that its stockholders ‘take no action at this time’ in response to EA’s new $2 billion tender offer.
EA announced this morning that it has made an unsolicited conditional tender offer to acquire all of Take-Two's outstanding shares of common stock for $26 per share in cash – after MCV had broken the story.
Take Two's Board has said it will review and consider EA's offer, and within ten business days, will advise Take-Two's stockholders of the Board's position – as well as its reasons.
Take Two this week announced its fiscal results for its first quarter, reporting increased losses. During its conference call, chairman Strauss Zelnick officially confirmed the release of Bioshock 2 and that there would be 'ongoing' episodic content for GTA IV.
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