EA extends Take Two offer

As predicted this morning, Electronic Arts has extended the deadline of its tender offer for Take Two.

The last deadline expired at 11.59pm (Eastern Time) on Friday without any response from EA or Take Two’s shareholders.

The new deadline gives Take Two’s investors until 11.59pm (Eastern Time) on Monday, June 16th to accept or decline EA’s offer of $25.74-per-share (around $2 billion).

A release from EA sent out today also leaves the company the option of extending the deadline yet again should it feel the need. The statement revealed:

‘As of 5:00 p.m., New York City time, on Friday, May 16, 2008, approximately 6,210,261 shares of Take-Two had been tendered in and not withdrawn from the tender offer’.

"Extending our offer will allow the FTC review process to
continue," said Owen Mahoney, senior VP of EA Corporate Development.

"EA's offer price remains unchanged at $25.74 per share
and our offer is still subject to conditions that include regulatory approval. As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied."

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Tags: Electronic Arts , ea , take-two , john riccitiello

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