Electronic Arts has amended its hostile tender offer for Take Two, and stated that in attempting to delay the deal Take Two could be increasing risk for its shareholders.
While Take Two stalled the deal by moving its annual meeting of stockholders to April 17th, EA has now given the publisher until midnight on April 18th to make a decision.
"The actions of the Take-Two Board may increase the risk for their stockholders by delaying a potential transaction," said EA’s senior vice president of corporate development Owen Mahoney. We continue to believe that our $26.00 per share offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties."
EA commenced on March 13, 2008 its all-cash tender offer to purchase Take-Two shares for $26.00 per share, which represents a 64 per cent premium over Take-Two’s closing stock price on February 15, the last trading day before EA sent its revised proposal to Take-Two.