Expiration date now set for July 18th; EA’s bid remains ‘unchanged’
Having swept past the previous deadline of June 16th, EA remains determined to push through its offer for Take Two and has extended its tender offer for all currently outstanding shares of common stock to expire at 11.59pm on July 18th.
“Our offer price remains unchanged at $25.74 per share, which is a substantial premium to where Take-Two's stock was trading prior to our offer,” said senior vice president of EA corporate development Owen Mahoney.
"We congratulate Rockstar on the successful launch of GTA IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation."
Extending the tender offer allows the FTC review process to continue. The proposed transaction is still subject to certain conditions that include regulatory approval, and EA retains the right to terminate the offer if the conditions are not satisfied.
As of 5:00 p.m on Monday, June 16, 2008, approximately 6,139,824 shares of Take-Two had been tendered in and not withdrawn from the tender offer.
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Comments
Take 2 .. will be taken over .. But by who ?
I fear that T2 will be taken over either by EA or a white knight (Ubisoft as suggested by Forbes ?).
The share value is not willing to increase (closing 26.4$ June 16th - Less than 1$ more than EA offer per share) even after EA bids and GTA 4 Launch.
EA should be more agressive on their offer if they want to get T2. Postponing the deal until July is only giving more time to T2 to find alternatives ...
Bru
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