After reviewing EA's recent and "unsolicited" tender offer to nab shares in the Grand Theft Auto publisher at $26 a piece, Take-Two's board of directors has deemed the maneuver "inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders." The company heads imparted a similar sentiment two weeks ago when they asked stockholders to resist EA's offer while they reviewed it and formulated an official "hellz no."
The board continues to advise stockholders to hang on to their shares, claiming that the offer "substantially undervalues" the company and its "valuable franchises." Said Strauss Zelnick, chairman of the Take-Two board: "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." He also expressed that the company will "review all available options" and remain focused on maximizing shareholder value.
To this end, the board has suggested investigating "alternatives" to the EA offer, "which may include a business combination of the Company with third parties or with EA, remaining independent, or other strategic or financial alternatives, that could deliver higher stockholder value than the EA Offer." Take-Two claims to have already prepared materials to facilitate "business combination transactions" with a number of other interested third parties, creating the impression that it would rather trade a hostile takeover for an auction.
Reader Comments (23)
Posted: Mar 26th 2008 10:13AM Streeks1984 said
Yes our prayers have been answered guys, God will not allow this to happen because he knows how EA really is. As you say Fox EA needs to die!!!!!!.
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Posted: Mar 26th 2008 5:48PM (Unverified) said
Well, they can still get in to it. This will probably just delay it. I really want them to just give up!
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Posted: Mar 26th 2008 8:13AM (Unverified) said
Good for them...
Loving Battlefield: Bad Company but hating EA as of lately...
I really hope they don't take over T2...
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Loving Battlefield: Bad Company but hating EA as of lately...
I really hope they don't take over T2...
Posted: Mar 26th 2008 11:44AM R V said
Well its up to the shareholders now, its not really up to the company. If the shareholders want, they can completely disregard this advice, because thats what it is, advice. They can still sell their shares to ea for $26 if they wish, but they may just hold on, since the stock is going for 25.85 now, which is only a $.15 boost. Still, if ea got enough shares, they could become the voting majority through voted obtained.
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Posted: Mar 26th 2008 8:26AM (Unverified) said
Pfft, well T2 had's it now - this will only encourage EA even more to take them over. By the end of summer EA will own T2.
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Posted: Mar 26th 2008 8:27AM (Unverified) said
So, where's the DLC for 'Bioshock' now that T2 promised?
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Posted: Mar 26th 2008 9:04AM (Unverified) said
I was wondering what would have happened if Richard Gere had offered Julia Roberts 100$ to have her for a week. Awkwarrrrd...
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Posted: Mar 26th 2008 8:49AM ScottG13 said
So help me God, when this is all over, if someone else hires Zelnick, I will probably throw up. I loath this man and his vague disinformation, lies, mismanagement and probably S&M fetish. I have no clue why the T2 investors continue to let him run this company into the ground.
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Posted: Mar 26th 2008 9:28AM (Unverified) said
EA is looking very desperate right now. Its pretty sad. I guess they have yet to recover from the Activision, Blizzard merge.
They need to take a new approach, consumers like variety. EA's idea of variety is offering Madden in English and Spanish.
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They need to take a new approach, consumers like variety. EA's idea of variety is offering Madden in English and Spanish.
Posted: Mar 26th 2008 9:32AM Premature ejaculation man said
They'll increase the bid once Battlefield: bad company is out using all the money it steals from consumers when they pay to use guns.
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Posted: Mar 26th 2008 9:51AM (Unverified) said
They will also increase the bid with my balls in their mouth.
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Posted: Mar 26th 2008 9:58AM (Unverified) said
"Inadequate" and "tender" are both words that have been used to describe my lovemaking
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Posted: Mar 26th 2008 10:42AM (Unverified) said
You are all missing the point. Zelnick and company are not running away from EA; they're playing hard to get but the ultimate goal is to get more out of EA. Right now, EA has said hey, I just paid for your pizza let's go to bed, and T2 is saying back to EA, "Hold it up, buddy, I'm worth at least a slice of pizza with toppings and a soda."
How is it that none of you know this when this is straight out of EA's Publishing Tycoon! game?
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How is it that none of you know this when this is straight out of EA's Publishing Tycoon! game?
Posted: Mar 26th 2008 11:34AM MinimumWageNinja said
Good Take-Two. Don't give into those wallet-sucking bastards.
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Posted: Mar 26th 2008 11:38PM ThornedVenom said
If Take Two had an XBL account, they ought to have +9000 gamer points, because rejecting EA's offer deserves lots of nerd cred.
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Posted: Apr 14th 2008 1:06AM hvnlysoldr said
1331 nerds look at over 9000 as anime freaks.
No means yes. I mean left. i mean no.
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No means yes. I mean left. i mean no.
Posted: Apr 23rd 2008 10:14PM (Unverified) said
HAHAHAHA EA can eat a DICK, EAT A DICK....EAT A DICK DICK DICK!!!!!!
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