Take-Two sayeth “Nay” to Electronic Arts
News
Posted March 26th, 2008 at 10:57pm
by Corey Tamas
Yahoo has the story today about how Take-Two Interactive (makers of well-known games like Grand Theft Auto) have once again instructed Electronic Arts to directly address the hand. As has been discussed at length in the news for a while, EA is working hard to take over Take-Two… and, so far, failing. As Yahoo reports, it’s a simple case of not enough dough.
The Board of Directors of Take-Two Interactive Software, Inc. (NASDAQ:TTWO - News) today announced that it has thoroughly reviewed Electronic Arts Inc.’s (NASDAQ: ERTS; EA ) unsolicited conditional tender offer with the assistance of its financial and legal advisors and unanimously determined that the $26.00 per share cash offer is inadequate in multiple respects and contrary to the best interests of Take-Two’s stockholders. Accordingly, the Board recommends that stockholders not tender any of their shares to EA. The basis for the Board’s unanimous decision is set forth in Take-Two’s Schedule 14D-9 filed today with the Securities and Exchange Commission.
Strauss Zelnick, Chairman of the Board of Take-Two, commented, Take-Two’s Board of Directors and senior management team were put in place less than one year ago with one mandate: maximize stockholder value. We have maintained a single-minded focus on that goal ever since and it remains the guiding principle in every decision we make with regard to Take-Two.”
Okeydokey
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