EA extends Take-Two takeover offer to Aug. 18

by Alexander Sliwinski { Jul 21st 2008 at 11:10AM }

With another deadline in EA's takeover bid come and gone, the industry's #2 publisher isn't quitting and has reaffirmed it still wants to gobble up Take-Two by extending its $25.74 per share offer deadline to Aug 18. EA currently has only 15% of Take-Two's stock, which translates to 11,741,339 shares. Obviously, EA needs over half the shares to complete the takeover.

Take-Two chairman Strauss Zelnick released a statement that the company's board is "100% committed to maximizing stockholder value," calling EA's bid "inadequate" and recommending stockholders not take the EA offer. He says that Take-Two is currently "engaged in meaningful discussions with multiple parties" and that some of those groups have been conducting due diligence (a fancy legal term for checking under a company's hood and making sure everything looks kosher). Meanwhile, the FTC is probing the deal over possible antitrust issues and should be finished by Aug. 21.

Source – EA extends deadline to Aug. 18
Source – Take-Two responds to fifth extension

Tags: BreakingNews, ea, strauss-zelnick, take-two, takeover, zelnick

Reader Comments (Page 1 of 1)

Kamizar @ Jul 21st 2008 11:14AM

Well, at least you can call EA persistent.

tlarkin79 @ Jul 21st 2008 12:53PM

Like that creepy guy back in college always trying to get girls to go out with him even after they make it clear they aren't interested. There's a name for those guys...

Oh yeah, stalker!

The_Punisher @ Jul 21st 2008 11:17AM

Meh, GIVE UP

Rick @ Jul 21st 2008 11:21AM

You would think EA could take a hint by now....

jcmschwa @ Jul 21st 2008 11:29AM

EA should learn from Inbev, it's going to need to up its buying price soon. Greed is good.

Bleu @ Jul 21st 2008 11:41AM

This will not happen because the people realize what EA is trying to do. They cant take a hint maybe being blunt would be a lot better. I cant stand EA.

ballistic3188 @ Jul 21st 2008 11:41AM

man next time you guys should post the persistence demotivation poster

baby sea tuna @ Jul 21st 2008 11:43AM

This is just sad.

dark_inchworm @ Jul 21st 2008 11:47AM

f-r-e-e that spells free
credit report dot com baby!

...there's really nothing to say at this point.

mr mobius @ Jul 21st 2008 12:12PM

Deja vu?

Deja vu?

Deja vu?

Deja vu?

Deja vu?

Deja vu?

juju187 @ Jul 21st 2008 12:19PM

this is beyond getting old, cant wait to see if take two joins acti - blizz or ubi ubi ubi

T @ Jul 21st 2008 1:27PM

It's kinda cute actually. EA's acting like they're being nice by continually giving Take-Two more time to consider the decision.

However, I wonder if Take-Two is even returning EA's phone calls at this point.

lololololol @ Jul 21st 2008 1:50PM

if EA's offer is so horrible, then why have they been able to even get 15% of T2's total shares?

They may up the offer, but why not try to get 20-25% with the current, "inadequate" offer on the cheap. Even if they don't buy them up outright, they may still end up with a nice chunk of the company, as they did with Ubisoft.