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Take-Two "actively engaged in discussions" with other parties - Zelnick

Mon 15 Sep 2008 7:26am GMT / 3:26am EDT / 12:26am PDT
Publishing

Company believes GTA publisher has gone from strength to strength since attempted EA acquisition

Strauss Zelnick, chairman of Take-Two, has said that the publisher is still actively seeking business partnerships following Electronic Arts' decision to call off its proposed takeover of the company.

The outspoken boss added that he was pleased with the company's financial status over the past 18 months and the value it has generated for its shareholders.

"We remain focused on creating value for our stockholders and our consumers," commented Zelnick.

"This has been our goal since EA launched its conditional and unsolicited bid six months ago, a bid which was repeatedly rejected by our stockholders.

"As part of that commitment, we remain actively engaged in discussions with other parties in the context of our formal process to consider strategic alternatives. We're especially proud of the success we've enjoyed over the past eighteen months and we remain confident in our ability to generate value for stockholders," he added.

According to Ben Feder, CEO of Take-Two, the company has gone from strength to strength since EA first began its offer for the publisher of such hits as Grand Theft Auto and BioShock.

"Take-Two's business has continued to strengthen since the time EA first made its offer. We have delivered terrific products to our consumers and we've been rewarded with very strong financial performance. We have an exciting future ahead of us, powered by our profitability, a significant cash position, the absence of debt, an undrawn credit facility and a terrific lineup of games," offered Feder.

"We are confident in the unique value of our business given our strong position in what is a growing and dynamic industry."

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