EA Extends Take-Two Acquisition Deadline
EA Extends Take-Two Acquisition Deadline
June 17, 2008
As expected, Electronic Arts has extended its tender offer for outstanding shares of Take-Two Interactive.
EA issued a press release this morning announcing that yesterday's deadline has been extended to July 18th. EA exec Owen Mahoney is quoted in the press release:
Our offer price remains unchanged at $25.74 per share, which is a substantial premium to where Take-Two's stock was trading prior to our offer. We congratulate Rockstar on the successful launch of GTA IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation.
EA also noted that extending the deadline will permit the Federal Trade Commission's review of the proposed merger to continue. Based on the number of shares reported tendered, EA has made no progress since the last extension.
UPDATE: Not unexpectedly, Take-Two has issued a press release urging sharholders to reject EA's offer.
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Posted 11/08/09 at 09:02am
DarkSaber: http://tinyurl.com/yez7jyo
DarkSaber: http://tinyurl.com/yez7jyo
Posted 11/08/09 at 09:01am
DarkSaber: Oh for gods sake, the Gearbox pres is gobbing off about Valve again
DarkSaber: Oh for gods sake, the Gearbox pres is gobbing off about Valve again
Posted 11/08/09 at 08:53am
JDKJ: But cheer up, Austin. If the unemployment rate continues to double-digit as predicted for the next few years, your half-dozen stands a better than likely chance of returning to power.
JDKJ: But cheer up, Austin. If the unemployment rate continues to double-digit as predicted for the next few years, your half-dozen stands a better than likely chance of returning to power.
Posted 11/08/09 at 08:46am
JDKJ: @DS: If he had added the line about "or hiring illegals aliens under the table to work as nannies," it would have been a completely perfect descripition. And, yes, it's about the same difference between a six and a half-dozen.
JDKJ: @DS: If he had added the line about "or hiring illegals aliens under the table to work as nannies," it would have been a completely perfect descripition. And, yes, it's about the same difference between a six and a half-dozen.
Posted 11/08/09 at 08:31am
DarkSaber: My god, that description makes them sound almost Republican. Still what did you expect, Obama is only marginally more left than republicans.
DarkSaber: My god, that description makes them sound almost Republican. Still what did you expect, Obama is only marginally more left than republicans.
Posted 11/08/09 at 01:07am
Austin_Lewis: Health insurance, brought to you by the same kind of bureacrats who couldn't, in timely fashion, investigate the comments of any of the men Obama appointed Czars. Or their past. Or their history of not paying taxes.
Austin_Lewis: Health insurance, brought to you by the same kind of bureacrats who couldn't, in timely fashion, investigate the comments of any of the men Obama appointed Czars. Or their past. Or their history of not paying taxes.
Posted 11/08/09 at 01:06am
Austin_Lewis: Yes, and what a piece of crap it was. Arresting and fining people just because they don't make a personal choice to buy healh insurance, creating over a hundred new bureacracies, and worse.
Austin_Lewis: Yes, and what a piece of crap it was. Arresting and fining people just because they don't make a personal choice to buy healh insurance, creating over a hundred new bureacracies, and worse.
Posted 11/08/09 at 12:24am
ZippyDSMlee: JDKJ:the only trouble is a bunch of witless hacks wrote it....its going to be a train wreck....
ZippyDSMlee: JDKJ:the only trouble is a bunch of witless hacks wrote it....its going to be a train wreck....
Posted 11/07/09 at 11:33pm
JDKJ: BREAKING: In a photo-finish at the wire, House passes health care reform bill. Relatedly, in a fit of pique, Austin Lewis kicks innocent dog.
JDKJ: BREAKING: In a photo-finish at the wire, House passes health care reform bill. Relatedly, in a fit of pique, Austin Lewis kicks innocent dog.
Posted 11/07/09 at 04:27pm
ZippyDSMlee: man I got alot of junk and dup files too >< god I need orginization...and no not the knee capping media mafia kind :P
ZippyDSMlee: man I got alot of junk and dup files too >< god I need orginization...and no not the knee capping media mafia kind :P
Posted 11/07/09 at 04:26pm
ZippyDSMlee: replaced :P
ZippyDSMlee: replaced :P
Posted 11/07/09 at 04:23pm
ZippyDSMlee: beemoh:hey its like 60GB porn,400GB anime 100GB games and crap I have took from all my DVDs, I hate waiting on dvds to install stuff..... oh and 40GB of my porn was in the found.000 folder...mostly corrupted.... least I got names of wut needs to be repa
ZippyDSMlee: beemoh:hey its like 60GB porn,400GB anime 100GB games and crap I have took from all my DVDs, I hate waiting on dvds to install stuff..... oh and 40GB of my porn was in the found.000 folder...mostly corrupted.... least I got names of wut needs to be repa
Posted 11/07/09 at 04:18pm
beemoh: @Zip: ...and you'd have to spend all that time re-downloading that porn?
beemoh: @Zip: ...and you'd have to spend all that time re-downloading that porn?
Posted 11/07/09 at 03:34pm
ZippyDSMlee: ggrrrrr......vista lost one of my hard drives and I had a heart attack thinking I lost 1TB of data....
ZippyDSMlee: ggrrrrr......vista lost one of my hard drives and I had a heart attack thinking I lost 1TB of data....
Posted 11/07/09 at 10:58am
JDKJ: Which could be explained by both (a) and (b).
JDKJ: Which could be explained by both (a) and (b).
Posted 11/07/09 at 10:56am
Austin_Lewis: JDKJ: You forgot C) the fact that, for some reason, every time he did something that would suggest he shouldn't be in the military, let alone an officer, higher ups ignored it or let it slide.
Austin_Lewis: JDKJ: You forgot C) the fact that, for some reason, every time he did something that would suggest he shouldn't be in the military, let alone an officer, higher ups ignored it or let it slide.
Posted 11/07/09 at 10:51am
JDKJ: Part of the problem is, I believe, that (a) the Army had a lot of time and money already invested in him and which they were unwilling to simply write-off and (b) an increasing need for the type of skills and services he provided.
JDKJ: Part of the problem is, I believe, that (a) the Army had a lot of time and money already invested in him and which they were unwilling to simply write-off and (b) an increasing need for the type of skills and services he provided.
Posted 11/07/09 at 10:48am
JDKJ: And that even if he was begging not to get cut loose, he was apparently a real good candidate for being cut loose, anyway.
JDKJ: And that even if he was begging not to get cut loose, he was apparently a real good candidate for being cut loose, anyway.
Posted 11/07/09 at 10:11am
JDKJ: @chada: And while Kennedy once noted that there's usually more than enough blame for everyone to get a slice, the possibility that the Army was unwilling to cut loose someone who was asking to get cut loose could be a factor.
JDKJ: @chada: And while Kennedy once noted that there's usually more than enough blame for everyone to get a slice, the possibility that the Army was unwilling to cut loose someone who was asking to get cut loose could be a factor.
Posted 11/07/09 at 10:07am
ZippyDSMlee: *noms on his feet*..nomnomnomnom*droooll* ...wuuutttttt uuu looking at?
ZippyDSMlee: *noms on his feet*..nomnomnomnom*droooll* ...wuuutttttt uuu looking at?
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Game Politics and Game Politics logo are trademarks of the ECA.
Comments
*sigh* EA, give it up. Take-Two's shareholders said they weren't intersted. Using the FTC as an excuse makes you no less foolish for continuing to extend your deadling in the hope that their shareholders will "see the light." You lost, deal with it.
Bloody hell, when will EA give up? They are not buying out Take-Two anytime soon
--------------------
IMA FIRIN MAH LASER!!!
Take Two stock closed at $26.40 per share yesterday.
EA's offer of $25.74 doesn't make a bit of sense if you're a shareholder.
Tip to EA: offer more than what the stock is trading for. You might get a few more hits. Until then, you're just a bunch of poseurs.
So wait, Shareholders would make a loss of 65 cents if they sold to EA?
Hardly a good deal
-----------
IMA FIRIN MAH LASER!!!
It's not that simple. Their stock is decent, now, because GTA 4 just released, but rest assured their stock will lower soon. Take Two, asside from the GTA 4 boost, is not a company with a good economic foundation.
It's so high because of the EA take over bid from a couple months ago and has remained there but if EA did finally say "screw it" and quit it'd probably drop significantly.
I think it's probably a little more complicated than that.
First off, it's more than possible that EA's offer helped raise the price of the stock. Furthermore, trading isn't free for anyone who uses a broker, so shareholders don't make the exact, entire difference between any two prices. Additionally (Untouchable), I don't think it's quite correct to say any given shareholder would lose anything according to the difference between a market price and any given offer, as each shareholder's actual gain or loss is different and depends mostly on what that shareholder paid for his shares, and when, and how much he sells them for now. Also, as Pinworm points out, Take 2 stock would probably be selling relatively high right now anyway, sinceGTA 4 is the company's biggest release by far of the past (or next) year or two. The expectation would be for it to drop at least a bit when GTA4 sales start to level out, even if EA keeps an offer on the table.
Anyway, EA is a lot of things, but when it comes to having the money and influence to buy pretty much anything it wants, "poseur" isn't really one of them, I don't think.
Seems to me that EA has too much bargaining power in this deal. I don't think it should be legal for the buying party to be able to extend the deadline of a deal that hasn't gone through.
Also, why do I have to do the captcha thing when I'm at school but not at home?
Your school network is probably blocking cookies
Makes sense. Thanks.
They're probably hanging on hoping that take two's stock will bottom out after every man & his dog owns gta4 and before TT release anything else with the potential to be a substantial money earner. That way their shares will deflate in price, probably to the $20 mark & then a $25 price per unit will seem like a good play to shareholders.
Not that EA would be after what you might call end user shares, they'd probably want the bulk corporate shares that other companies own.
Yes, EA. Continue to act like an idiot. We all need the laughs right now.
E. Zachary Knight
www.editorialgames.com
You could always watch re-runs of The Jack Thompson Experience
See, this is why TT's stock holders are in no rush to sell. EA's made it clear that regardless of their "deadlines" that this is going to be a standing offer for quite some time. So shareholders aren't going to feel pressured to give in to EA's deal.
Particularly when TT's stock is trading at above EA's offer price, and will be for some time. Sure it's probably up in part due to their offer, but that doesn't mean that stock holders are going to except lower than current market value. Unless EA substantially raises their offer, this deal ain't going through anytime soon, regardless of whether or not the FTC approves. Take Two simple isn't interested in being bought at this time for the price EA's asking.
Keep in mind that EA lowered their offer before extending the deadline the first time after they didn't get enough people to sell to them.
Becasue we all know that when you want to buy something and the otehr person doesn't want to sell, you lower your offer. Works everytime.
E. Zachary Knight
www.editorialgames.com
In the business world, it actually works. EA is going to get Take Two, one way or another. It's inevitable. Maybe they will raise their price and prove what I'm about to say Null in this situation, but..
Being that it is an inevitability, Take Two has maximize their income from the deal. When the price is lowering, it puts pressure on them to cave sooner. Win win for EA.
But in this case, EA isn't really putting enough pressure and so Take Two can happily refuse their deal. I'm sure that will change soon, EA isn't going to let this slip by. Call them evil all you want, but they didn't get to where they are now by being a bad company on a business level.
No, it isn't an inevitablity. Take Two is stonewalling, EA's refusing to raise their offer, and the FTC is mucking things up. As long as EA's offer is on the table, it's going to be quite a while before TT's stock drops to the point where EA's offer looks attractive. That's a lot of time for the EA to just give up, or for someone else to make a better offer.
Well, to be fair to EA, as I recall it wasn't so much as they lowered the offer as Take Two increased the number of shares in existence at the shareholder meeting, thus lowering the price per share.
As I said on Kotaku, f you EA, just give it up already, T2 has said time and time again that they don't want to be assimilated into your Borg collective. Of course, we all know that the Borg are relintless when it comes to assimilating, the same way EA here is.
Not suprising, really. My full thoughts are posted in the previous EA/TTWO article. Either way, the longer this goes, the less likely the merger will complete.
~~All Knowledge is Worth Having~~
The word "deadline" has lost all meaning...
- Offer Made
- Offer Refused
- Offer Elevated
- Offer Refused
- Deadline Made
- Deadline Fails
- Extend Deadline, Offer Less
- Offer Refused
- Deadline Fails
- Extend Deadline
At what point did "deadline" become "do over" ?
You are taking "deadline" the wrong context, I think. In this context, each "deadline" was simply how long the current offer would be available. What is so unusual about multiple deadlines for multiple offers?
It's been the same offer throughout. They've just kept extending it as TT has declined to take them up on it.
Not true. It may seem that way in retrospect, and it may work even out that way in practice, but techinically each offer and each corresponding deadline has been seperate and distinct. When the current deadline expires, EA may ammend its offer, extend its offer again, or stop making offers altogether. The current deadline is only how long the current offer is gauranteed. It does not suggest or deny anything about the possibility of future offers if the current offer is not accepted before the current deadline expires.
It is a pointless deadline that just boosts Take Two's stock and will just keep them healthy until GTA4 hits PC version which will boost their stock again. Don't forget the DLC for the 360 that may come out in September. I think the deadline thing is just a way for EA to hope it works and makes people cave, but it is utterly stupid to extend the offer even once, it just shows how desperate they are, and they aren't willing to pay for the desperation by making a higher offer, which makes it less enticing.
predictable as the rising sun.
Here are we -- and yonder yawns the universe.
EA is becoming that durnk per sistant guy at the bar wh orefuses to give up.
-kurisu7885
Nobody except EA and Jack Thompson want this aquisition to go through. One thing EA are not good at are making quality games, franchise everything seems to be their motto.
If EA buys Take Two we will see yearly or every 2 years, rushed low quality watered down BioShocks, Elder Scrolls, GTA's Bully's, and EA Sports having a monopoly in the sports genre.
Correct me if I am wrong but didn't Tecmo do the best Gridiorn (Tecmo Super Bowel) and Soccer (Tecmo World Cup) games at one point? Didn't Midway do the best basketball game (NBA JAM)?