Riccitiello's "White Knight" comments criticised

Following comments made by EA chief executive John Riccitiello in an interview with the New York Times last week, a selection of industry analysts have questioned his choice of words.

According to the article, when discussing the case he would make to Rockstar's hierarchy were he allowed to speak to them directly, Riccitiello was quoted as saying "We, in many ways, represent a white knight."

But the use of that phrase, according to Wedbush Morgan's Michael Pachter, just isn't appropriate in this case.

"'White knight' usually signifies rescue from a hostile suitor (the connotation is to a damsel in distress)," he told GameDaily. "I think Riccitiello's use of the term was incorrect, and perhaps a misplaced attempt to sound clever. They are in no sense a white knight.

"Yes, Rockstar could go it alone, but they don't own Grand Theft Auto. Take-Two owns the IP, and it passes to whoever controls Take-Two stock."

Mike Hickey, from Janco Partners, was even more forthright in his assessment on Ricitiello's words.

"My belief is Rockstar would be perfectly happy if EA never put a bid in at all," he said. "White knight commentary is total bullsh*t, and disrespectful to both the developers at Take-Two and the new management team that has already achieved success."

Meanwhile David Cole, from DFC Intelligence, was more circumspect: "I would think with how successful the Grand Theft Auto games have been the issue hasn't been getting them to a wider audience," he said.

"The issue is really more about shareholder value and whether EA is a white knight for Take-Two shareholders by offering to pay them the maximum value they feel they can get."

Last week EA made a tender offer for any outstanding Take-Two shares - a move which prompted a call from the Take-Two board for shareholders not to respond, promising a decision within ten days.