The firm confirmed that it is has ‘”begun to assemble the materials necessary for interested parties to conduct due diligence” and that the “prior to the release of GTAIV the company is willing to enter into confidentiality agreements on customary terms and to engage in preliminary conversations with interested parties, including EA”.
However, Take Two has reiterated that it believes the timing of EA’s offer is “opportunistic” as the “full commercial potential of GTAIV will not be evident until after its release”.
“Our board, after careful review, has unanimously determined that Electronic Arts’ offer continues to provide insufficient value and remains opportunistically timed to capture the value of the upcoming Grand Theft Auto IV launch at the expense of our stockholders,” Take Two chairman Strauss Zelnick stated.
“Our stockholders’ interests would hardly be served by accepting an offer from EA at the wrong price and the wrong time. As a result, the board recommends that stockholders not tender any of their shares to EA.”