EA has once again
extended its tender offer for all outstanding shares of common Take-Two stock, pushing its previous deadline (which was to expire this evening) to 11:59PM EDT on May 16, 2008. The persistent publisher has also amended its $26-per-share offer, down to $25.74 per share after taking into consideration "additional shares to be issued to Zelnick Media" following a change in Take-Two's incentive stock plan.
During yesterday's annual Take-Two stockholder meeting
, chairman of the board, Strauss Zelnick, reiterated the "inadequate
" nature of the offer, expressing that the company was worth more than $26 per share. "It just doesn't stack up," he said. EA, on the other hand, continues to insist "the offer price is full and fair," noting that as of 5:00PM EDT on April 17, 2008, 6,432,787 shares of Take-Two had been tendered in and not withdrawn from the tender offer.
What happens next? Who will make the next move? And just what is the FTC up to
? Tune in next time for the not-at-all riveting continuation of: The Young & the Purchasable.