May 10, 2008 -
Electronic Arts issued a press release late yesterday announcing that it had secured a line of credit of up to a billion dollars to fund its hostile takeover bid for Take-Two Interactive.The money will come from Morgan Stanley, the Bank of Nova Scotia and several other financial institutions.
With GP challenged by balancing his checkbook, we turned to Wedbush-Morgan analyst Michael Pachter (left), who explained what EA is up to:
It is something that should be expected. After [the acquisition of] Pandemic/BioWare, EA has only around $1.7 billion in available cash... The Take-Two deal is around $2.1 billion... so they’re short. They also probably need around $400 million in available cash for working capital needs, so they need to raise around $800 million to complete the deal. The extra $200 million is just a cushion, although I suppose it could be construed as how much higher they’re willing to go [for Take-Two]...
The timing isn’t particularly unusual, a bit later than I would have thought, as they should have started the process on March 13 (when they went hostile). However, I have no experience in credit markets like we’re experiencing now, so maybe it’s normal to take 8 weeks to get something like this done. It’s also possible that they waited for their new CFO [Eric Brown] to start in order to allow him to negotiate terms...
I would not read any significance into the filing, other than to say that if they want to raise their offer price [for Take Two], they will likely need a higher credit line...
Comments
Rebuttal?
Jack calls you a retard in 5...4...3...2...
Did that have anything to do with the takeover, or do you just like to spam?
umm... this is about how ea is acquiring take two. and the relevance of the article pretains to ea's hostile takeover how?
beyond that, why doesn't the mom just take the game away SHE'S THE AUTHORITY FIGURE FOR CHRIST'S SAKE!!!
Jack, please get a life.
I wish you would drink a knife.
Spend some quality time with your son,
instead of being Prick Number One.
I'm a poetrist!!!
/sarcasm
Rockstar does NOT owe the kids a damn thing. GTA IV is a game for adults. Says so right on the package. Maybe you missed it.
Dear Jack,
You're still a douchebag and a bad lawyer. Shouldn't you be spending time with your wife instead of infecting message boards with drivel? After all, isn't it the Florida Bar keeping you from her? (Seems like you have plenty of spare time.)
To: Judge "Country" Joe Farina & Company.
RE: Budget Crisis.
Dear Judge Farina:
Can I call you Joe? Anyway, I have ready with gowing concern the budget crisis that you and your hardy band of rag tag Judges and staff are facing. Much like Washington's army in the winter of 1775, things seem desperate.
May I propose one money saving solution? DO AWAY WITH JUDGE DAVA TUNIS.
SHE WON'T GIVE ME A HAEARING. SHE WON'T RESPOND TO MY MOTIONS. SHE WON'T DO ANYTHING I ASK HER.
She recently asked the Supreme Court for more time to review the transcipt of the trial I had before her. HA.
And HA again. She apparently has nothing more to do than sit around her chambers and think of ways to disbar me. ME! Think of it. The conscience of our community. The lone man standing between you and the evil insidious video game industry. Why if it wasn't for me, you'd have PacMen running wild, and a video gamer running for president. Have you seen the "Go Diego Go" Video Game? Horrible. Destructive. And to make matters worse, Diego has some weird incestuous relationship with his cousin Dora the Explorer. And what does Dora do? She promotes beastiality by running around with some monkey. The whole thing is enough to make you sick.
Anyway, you can save a few bucks by shutting Dava down.
Just an idea.
Your pal.
Fake Jake Thompson, Gadfly & Esq.
This is bad for everybody except EA.
Wow, You just don't realize it yet do you? You fucking Fail at everything. I got to the part where she said she would gladly spoil the ending and skipped all the way to the end.
Mr. Thompson,
I have no word to describe the anger I'm feeling right now toward you. You wonder why Any self-respecting Adult, and young adults hate you? Have you even begun to comprehend the amount of bad karma you've accumulated over the years?
Pray that you never have to come to Minnesota, Pray that I will never meet you. I'll destroy your arguments word for word, Point for point.
But I doubt you will ever have the Balls for such a Debate.
BANE XXIII
Minneapolis, MN
On an aside, has anyone ever had the unfortunate experience of seeing or hearing Susan Estrich? To quote Austin Powers:
THAT'S A MAN BABY!
I really don't see any real statement that I take offense to from Mrs./Ms. Estrich. What I do take offense to is that she doesn't take the approach of a parent and actually put a limitation on her son's renting habits. Provided he is under eighteen, she ought to have free reign to tell Blockbuster and other rental stores with her information that certain ratings are not permitted to be rented. That way, when she is there, she can make the decision to rent or not, while having the system safeguard it in the first place.
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I keep having to shake my head at EA. This whole thing would be terrible for the industry. The real question is whether or not this merger was investigated like most are for monopolies.
I think you give jack far too much credit.
Although you also have to consider EA's track record of reproducing the same thing over and over (see Madden).
Representing the weak, and myself of course.
I HATE HATE HATE HATE HATE HATE me >.>
Sorry to take this off-topic.
I dislike EA also. After they took over Westwood studios, released a First Decade CD (THAT DOESN'T WORK 90% of the time!!!). The quality of their games is less than crap; this will just kill the GTA series.
Here's the comment board link for the article. I suggest we go to town.
http://featurepage.creators.com/comments/opinion/rockstar.html
As for you Jack, "fuck you" pretty much sums it up.
Regardless, as a responsible parent, she ought to be checking the games and it's content prior to letting her son partake in it. By letting him participate, and then complaining about it's content and how it's offensive is a little stupid.
Yeah, I get that impression too. He knows he's pretty much beat now, so he has to contend himself with getting a rise out of us every now and then.
The ironic thing is, she doesn't seem to object to her son having played it. She seems to merely think it shouldn't have been created in the first place.
It's mindless whining about GTA IV, and her son just happens to be medium through which she was exposed to it.
You can say that again.
Well, people seem to be trying to impose their view of time wasters on everyone else.
He must feel so fulfilled....
Hella. Fuck the monopolies!
GET BACK TO /B/ DAMMIT!!!
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Thats right, I just gave you the douchbag salute; just try to sue me for harrasment, go ahead I dare you, make my fucking day asshole