EA Puts Deadline on Take Two Offer
EA Puts Deadline on Take Two Offer
March 13, 2008
The chess match between EA CEO John Riccitiello (right) and Take Two Chairman Strauss Zelnick (left) continues.In the latest move, Electronic Arts has placed an April 11th deadline on a tender offer to purchase shares of Grand Theft Auto publisher Take Two Interactive (TTWO), according to a Reuters report.
With Take Two's shareholder meeting scheduled for April 10th, the tender offer is clearly designed to make shareholders feel as if they are in a take it or leave it situation - which they could very well be.
Since EA went public with its desire to acquire T2, the GTA publisher's stock has shot up from about 17 and has hovered near EA's offering price of 26. As of this morning, TTWO is priced at 24.91. Said EA's Riccitiello:
This is a great opportunity for Take-Two shareholders. We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment...
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 organization we've built at EA.
Some major T2 stockholders have already reduced their positions in the company by selling at the share price premium generated by EA's acquisition bid.
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Posted 03/22/10 at 02:42am
ZippyDSMlee: Like most train wrecks it wont help people much and cost us more in the end than what we would benefit from it.....
ZippyDSMlee: Like most train wrecks it wont help people much and cost us more in the end than what we would benefit from it.....
Posted 03/22/10 at 02:37am
TBoneTony: Great to see MA go to the back bench in SA, hope that new AG is more ballanced
TBoneTony: Great to see MA go to the back bench in SA, hope that new AG is more ballanced
Posted 03/22/10 at 02:36am
TBoneTony: Oh there it is
TBoneTony: Oh there it is
Posted 03/22/10 at 02:36am
TBoneTony: Shout is not working for me at the moment
TBoneTony: Shout is not working for me at the moment
Posted 03/22/10 at 02:34am
SimonBob: (Would you like to rent our Green party? We're not doing anything with it.)
SimonBob: (Would you like to rent our Green party? We're not doing anything with it.)
Posted 03/22/10 at 02:31am
SimonBob: hey america: I was watching CNN earlier, and I was thinking, you guys could use a third party.
SimonBob: hey america: I was watching CNN earlier, and I was thinking, you guys could use a third party.
Posted 03/21/10 at 10:12pm
Valdearg: They beat the parliamentary trick. The senate bill is officially law, pending the President's signature. Now they vote on the fixes to that bill, in the next 15 minutes or so.
Valdearg: They beat the parliamentary trick. The senate bill is officially law, pending the President's signature. Now they vote on the fixes to that bill, in the next 15 minutes or so.
Posted 03/21/10 at 10:04pm
gellymatos: Vald: No worries. I do it all the time. Trying to break the habit.
gellymatos: Vald: No worries. I do it all the time. Trying to break the habit.
Posted 03/21/10 at 10:01pm
Valdearg: @Gelly: Sorry for jumping to conclusions, LOL.. I guess I read your text in a depressed voice in my head. :D
Valdearg: @Gelly: Sorry for jumping to conclusions, LOL.. I guess I read your text in a depressed voice in my head. :D
Posted 03/21/10 at 10:00pm
Valdearg: I'm staying up late, watching CSPAN and MSNBC, and cheering each and every democrat victory.
Valdearg: I'm staying up late, watching CSPAN and MSNBC, and cheering each and every democrat victory.
Posted 03/21/10 at 10:00pm
Valdearg: Yes indeedy. Even Abortion rights got gutted. Obama's going to pass an EO ensuring no federal funds are used for abortions.
Valdearg: Yes indeedy. Even Abortion rights got gutted. Obama's going to pass an EO ensuring no federal funds are used for abortions.
Posted 03/21/10 at 09:59pm
gellymatos: Vald: Who said I didn't like it? I'd get a drink out if there wasn't anything where I am at.
gellymatos: Vald: Who said I didn't like it? I'd get a drink out if there wasn't anything where I am at.
Posted 03/21/10 at 09:59pm
gellymatos: Vald:Well, pretty good day, wouldn't you say?
gellymatos: Vald:Well, pretty good day, wouldn't you say?
Posted 03/21/10 at 09:58pm
Valdearg: Dont sound so depressed, Gelly. This bill will help people get healthcare, who can't now. It's a perfectly Christian idea.
Valdearg: Dont sound so depressed, Gelly. This bill will help people get healthcare, who can't now. It's a perfectly Christian idea.
Posted 03/21/10 at 09:57pm
gellymatos: Well, it's happened. The House Passed the Health Care Bill. Now things get interesting, to say the least.
gellymatos: Well, it's happened. The House Passed the Health Care Bill. Now things get interesting, to say the least.
Posted 03/21/10 at 09:56pm
Valdearg: YES WE CAN!!! YES WE CAN!!! MAJOR HCR Vote passed!! Assuming no idocy, we could see it as law TOMORROW!!!!!!
Valdearg: YES WE CAN!!! YES WE CAN!!! MAJOR HCR Vote passed!! Assuming no idocy, we could see it as law TOMORROW!!!!!!
Posted 03/21/10 at 06:23pm
Andrew Eisen: No, I think I'll stay safe and warm in my own little world where Provolone is king and that... other cheese... doesn't exist.
Andrew Eisen: No, I think I'll stay safe and warm in my own little world where Provolone is king and that... other cheese... doesn't exist.
Posted 03/21/10 at 06:22pm
JDKJ: I wish the Speaker would ask me for what purpose does the member rise.
JDKJ: I wish the Speaker would ask me for what purpose does the member rise.
Posted 03/21/10 at 06:18pm
JDKJ: Provolone?! Please! Try aged Blue Stilton. Also known as Zippy Ass-Crack Cheese.
JDKJ: Provolone?! Please! Try aged Blue Stilton. Also known as Zippy Ass-Crack Cheese.
Posted 03/21/10 at 06:13pm
Andrew Eisen: Nothing beats Provolone.
Andrew Eisen: Nothing beats Provolone.
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Comments
@Ebonheart - Take Two shareholders will not be too bothered if the deal goes badly for EA... and the sad fact is that it won't. Even if all the devs leave, once EA own T2 they will basically own the ENTIRE sports genre...
And the sales from GTA4 will pay for the buyout... here's hoping that the shareholders realise the ENOURMOUS amount of money GTA4 WILL make. But EA will be constantly trying to convince them otherwise... even though actions like this should make them see the truth
It's not like Take Two is going to be any less attractive acquisition after April 11th than before it.
Don't sell. Please, please, please don't sell Rock* to EA.
Pretty Please?
Good Luck. Any smart investor would know not to sell until after then. But then again, if the game bombs (which seems highly unlikely) they may not get as sweet an offer.
Honestly, though, investors should do a little research. Or simply ask why EA is so gung-ho about aquiring TTWO's IP. Because it's worth more than they are offering.
GTAIV will top best seller lists, even if it's utter crap.
There is no way they'd want to work for EA. Its a pointless exercise, they are buying the franchises, and people know when franchises aren't the same people anymore.
Look at Championship Manager's sales in Europe when it was made by Sports Interactive, then look at them compared to Football Manager by Sports Interactive.... The fans go with the developers, not necessarily the brand name.
Look at Rock Band's success... Fans know who makes what game, even casual ones.
I repeat....
DO NOT SELL!
sadly it only works in high numbers, but boycotting ea games now would probably give EA a reason to sod off.
If TT gets bought, theirs no way I'm buying another EA game as long as I live.
Ea will still be begging for the deal even after April 11th, this is nothing more than a bluff.
Although on the plus side it will make them seem more desperate.
EA can't have that much confidence in their sports franchises anymore if they feel the need to eradicate competition rather than improve.
On a side note, at what point is EA going to be looked at for having a monopoly?
"He said games like Battlefield, Burnout, Need for Speed and Madden were franchises which were stronger following EA's purchase of the original development firms."
Anyone notice that all of those series' have ALSO gotten worse recently?
"He said concerns that EA's buyout would stifle innovation were unfounded and pointed to franchises and games that had improved after the firm had bought the original development talent.
"We worked collectively with Will Wright to create The Sims. When we bought Maxis, Sim City was selling 7 to 800,000 copies. "
Oh yes, The Sims, aka "The Game of Neverending Expansions So You Can Milk It Until It Dies". Also, Sim City Societies (I believe that's the name) was meh.
I hope if they're acquired in a hostile take over, many people will abstain from buying GTAIV. Its a major sacrifice, but our dollars are the only message those pigs understand. They havent seen a dime of mine in years and I dont plan on that changing. Its meant some major sacrifices, such as Rock Band, but Im standing by my view on this one.
If you absolutely cant resist.. By all means pirate the game. I'll endorse and condone it this time alone.
Go on you crazy kids. Pillage and Plunder EA just as they've been doing to us!