James Lee
14:48 (BST)
21/07/2008
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EA extends deadline on Take-Two offer
EA has announced it has extended for a fifth time its unsolicited offer to acquire all of Take-Two's outstanding shares untill August 18, 2008.
The extension comes, as previously rumoured, after approximately 11,741,339 shares of Take-Two had been tendered in by the previous deadline of July 18, accounting for around 15 per cent of the total.
"Take-Two's Board continues to be 100 per cent committed to maximising stockholder value and remains unanimous in continuing to recommend that our stockholders not tender their shares to EA," responded Strauss Zelnick, Take-Two's chairman.
"We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA's inadequate offer. As part of this process, we continue to engage in meaningful discussions with multiple parties, a number of whom have been conducting due diligence. We also remain absolutely focused on executing on our strategic and business objectives."
Take-Two rejected a previous offer in February and since then stock market traders have been expressing little confidence that the deal will ever go through.
"In February, Take-Two's board rejected EA's offer as inadequate. Since then, the record-shattering release of Grand Theft Auto IV, the exciting announcement of a BioShock movie, and our ability to deliver financial results exceeding expectations have further demonstrated that our value-creation potential is greater than EA's offer," said Ben Feder, Take-Two's CEO.
"Take-Two is also continuing to create significant value through the development of world-class entertainment products, as well as improved operational and financial performance. Our stockholders will be the beneficiaries of these achievements, and it is management's mission to deliver the greatest value possible for them," Feder added.
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