|EA's "tender offer" for Take-Two finally expires, 'hostilities' cease|
|Posted: 19.08.2008 10:54 by Simon Priest||Comments: 0|
When Electronic Arts first expressed their desire to absorb Take-Two the board objected at their admirers undervaluing of the company stock - so the gloves came off.
Now all this hostile takeover business has expired with EA deciding not to renew the deadline anymore. Presentation will help EA "understand better the value" of T2.
I'd sure like to get myself a peek at this 'presentation' as it includes their "three year product release schedule" not meant for Joe public's eyes. Apparently if EA sign some confidentiality jargon then Take-Two will go ahead with the little slideshow.
It would seem EA has accepted the offer too with CEO John Riccitiello writing in response to Take-Two's Strauss Zelnick letter that EA "are pleased to accept your offer to review your management presentation", adding that they "are hopeful that we can work together to reach a mutually agreed transaction."
Take-Two has plenty to shout about for the moment with the great success of Grand Theft Auto IV, BioShock, the revival of Max Payne and Sid Meier's Civilization series. This is exactly what the publisher wants, to have EA no longer daggling candy to shareholders who might sell in a panic.
"We welcome EA into our formal process and look forward to demonstrating to their Board the significant strides made by Take-Two since they last undertook a detailed review of our business in early 2007," said Zelnick in a press release.
"Our Board remains unwavering in its belief that EA's unsolicited conditional tender offer of $25.74 per share was inadequate and undervalued Take-Two's world-class entertainment franchises and our strong operational and financial performance."
The publishing giant was criticised for returning to its 'old ways' in this takeover bid