James Lee
13:01 (BST)
02/10/2008
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Take-Two to remain independent
Take-Two Interactive Software has announced its decision to remain independent during its review of strategic alternatives after the collapse of EA's proposed take-over bid.
The publisher said that in the interests of maximising shareholder value, and following discussions with various interested parties, the board of directors has decided to conclude its review of alternatives and continue operating Take-Two as an independent company.
"Take-Two's board of directors and management have a clear mandate from stockholders to maximise value," said Strauss Zelnick, chairman.
"We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry. Our management and outstanding and talented employees have maintained an unwavering focus on our products and our business through this lengthy strategic review process and we are confident in our prospects. We remain focused on maximising value for stockholders and are executing on our business strategies in a determined manner."
CEO, Ben Feder, insisted the company was in a good position to carry on as an independent and its long term prospects were good, despite seeing the company's share price drop 5.1 per cent as a consequence of EA's failed acquisition bid.
"Take-Two's recent performance demonstrates our potential to create value for the long term," Feder explained. "We have delivered solid financial results and expanded our portfolio of leading titles, which includes the powerful Grand Theft Auto franchise, as well as 15 other wholly owned brands with sales of more than one million units each."
"Our strong cash position - with no debt and an undrawn USD140 million credit facility - gives us the financial flexibility to continue to do what we do best: innovate and create the great games that our customers have come to expect."
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