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11:28 (BST)
13/03/2008
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EA to make tender offer for Take-Two
Source says offer will value shares at USD 26 each
Electronic Arts has officially begun a tender offer for all of outstanding shares of common stock of Take-Two.
The company is offering USD 26 per share in cash, and is valued at approximately USD 2 billion — a 64 per cent premium of Take-Two's stock price on February 15, the last day of trading before EA made its revised bid to acquire the company.
"This is a great opportunity for Take-Two shareholders," commented John Riccitiello, CEO of EA. "We believe Take-Two investors will see our tender offer as the best way to maximise the value of their investment in Take-Two.
"This tender offer provides a clear process to complete the proposed transaction. For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two's talented creative teams to the great development organisation we've built at EA," he added.
The tender offer is open until Friday April 11.
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