Matt Martin
14:21 (BST)
18/04/2008
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EA extends Take-Two offer
Electronic Arts continues to pursue Take-Two shareholders by extending its tender offer until May 16, but lowering the price to USD 25.74 per share.
The new price reflects additional shares issued to Zelnick Media following stockholders approval of Take-Two's incentive stock plan at yesterday's annual general meeting.
Valued at approximately USD 2 billion in cash, EA's aggregate consideration for Take-Two shares remains unchanged.
"EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties," said the publisher.
Take-Two chairman Strauss Zelnick said yesterday that he continues to believe EA's offer undervalues the company and that the timing of the offer is wrong.
The new date of May 16 follows the release of Take-Two's biggest title of the past couple of year's, Rockstar's Grand Theft Auto IV, due on April 29.
Zelnick has said in the past that he is willing to discuss the takeover after the release of the highly-anticipated game.
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