In a note issued to the press moments ago, Take Two confirmed that it had entered into “detailed discussions” with several interested parties – not least long-term suitor EA – but has concluded that moving forward as an independent business would be in the best interests of its shareholders.
“Take-Two's Board of Directors and management have a clear mandate from stockholders to maximize value,” said chairman of the board at Take-Two Strauss Zelnick. “We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry.”
“Our management and outstanding and talented employees have maintained an unwavering focus on our products and our business through this lengthy strategic review process and we are confident in our prospects. We remain focused on maximizing value for stockholders and are executing on our business strategies in a determined manner."
Chief executive officer of Take-Two Ben Feder added: “Take-Two's recent performance demonstrates our potential to create value for the long term. We have delivered solid financial results and expanded our portfolio of leading titles, which includes the powerful Grand Theft Auto franchise, as well as 15 other wholly owned brands with sales of more than one million units each.”
“Our strong cash position – with no debt and an undrawn $140 million credit facility – gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect.”