Take-Two Disses EA's Latest Deadline Extension

May 19, 2008 -

Take-Two Interactive is urging stockholders to reject today's extension by EA of its deadline to tender T2 shares at the $25.74 offering price.

Of the extension, Take Two chairman Strauss Zelnick said:

This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders. As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged...

Take Two CEO Ben Feder added:

EA’s highly conditional offer fails to compensate our stockholders for our exceptional portfolio of intellectual property... In the last several weeks, our strategy and Take-Two’s value have been vividly demonstrated by... The record-breaking sales performance of Grand Theft Auto IV... We have also just announced an agreement with Universal Pictures to make BioShock, the universally acclaimed hit video game, into a feature film... EA’s proposal undervalues our Company.

GP: The operative phrase around T2 HQ seems to be "highly conditional..."

Comments

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by Kheldar (not verified) on Tue, 05/20/2008 - 01:39.

That's the spirit T2! Show Unicron-I mean EA that you're no pushover!

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by Gabriel Celesta (not verified) on Mon, 05/19/2008 - 21:02.

Well said, Zelnick. Well said, Feder.

Now, I've said something like this before, and I'll say it now: What if Paul Eibeler were still Take-Two CEO? Would he have decided the same way Zelnick did?

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by Brandon (not verified) on Mon, 05/19/2008 - 20:49.

Let them have it T2, let them have it.

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by Chadachada(123) (not verified) on Mon, 05/19/2008 - 15:18.

Yeah...sucks for you EA, that's what you get for sucking so much...

T2 ftw!

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by Anonymous (not verified) on Mon, 05/19/2008 - 14:56.

"EA’s proposal undervalues our Company."

Same for any other studio EA ever purchased.

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by Freyar on Mon, 05/19/2008 - 14:41.

Not much to add here, we just sit, watch, and wait for EA to either win as Darth Vader, or to see Take Two to survive as one of the last remaining Jedi. (LucasArts is gonna sue me.)

---- There is a limit for both politicians against video games, and video games against politicians.

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by go fish (not verified) on Mon, 05/19/2008 - 14:24.

 give it up EA your balls are being handed to you

Re: Take-Two Disses EA's Latest Deadline Extension

Submitted by Anonymous (not verified) on Mon, 05/19/2008 - 13:56.

Does anyone know what those "conditions" are?

Good for them

Submitted by x(wai)x (not verified) on Mon, 05/19/2008 - 13:43.

To me those comments read as close to spitting in EA's face as they can get and still sound professional. Good to see.

 
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