|
 |
Apr-20-2008Electronic Arts Extends Take-Two Offer, Lowers Price (Update3)(topic overview)
CONTENTS:
SOURCES
FIND OUT MORE ON THIS SUBJECT
The leading video game publisher Electronic Arts Inc. said Friday it would further extend its offer for Take-Two Interactive Software Inc. by one month to May 16, and would trim trimmed its offering price to $25.74 from $26 a share. In March, Electronic Arts tendered an offer to acquire all of Take-Two's outstanding shares for $26 a share in cash, but the maker of the highly popular "Grand Theft Auto" video-game series rejected EA'''s second and more aggressive buyout bid saying that the $26 per share price tag is too low, and is not in the best interests of its stockholders. EA, the maker of '''Need for Speed''' racing and '''Madden''' football games, approached Take Two with a $26-a-share offer on Feb. 19 after the company rejected its initial offer worth $25/share on Feb. 15. On March 28, EA had announced it extended its tender offer for Take-Two by a week to April 18. The company also said at the time that it would lower its per-share bid to $25.74 from $26 if the company'''s shareholders adopt the proposed poison pill plan. On Friday (April 18) morning, EA said it has lowered its bid to $25.74 a due to a change in Take-Two's stock incentive plan that allows for the issuance of 1.5 million additional restricted shares to Take-Two's management firm, ZelnickMedia. [1] Offer is extended for another 4 weeks; a 'game of chicken'. Sat Apr 19 05:31:51 GMT+02:00 2008 Electronic Arts Inc. said it will extend for another four weeks the deadline for its $2 billion tender offer for videogame publisher Take-Two Interactive Software Inc. after EA failed to win the support of a majority of Take-Two shareholders for its hostile bid. EA threatened to lower its bid to less than $2 billion for Take-Two, the New York-based publisher of the Grand Theft Auto game series, due to "intransigence" by the company's management and other factors. EA on Friday amended the per-share price of its offer to $25.74 from $26 to reflect the dilution caused by a new pay package of 1.5 million restricted shares for Take-Two executives, approved by Take-Two shareholders at their annual meeting Thursday.[2] NEW YORK - Take-Two Interactive Software Inc., publisher of the popular Grand Theft Auto video-game series, wanted more time to consider a $2 billion buyout bid from larger rival Electronic Arts Inc., and it wanted more money. Half its wish came true. EA extended by nearly a month its tender offer for Take-Two, but lowered the price it was offering for each share of the company to reflect restricted shares granted to management a day earlier.[3]
Video game maker Electronic Arts Inc. extended its offer to buy the maker of "Grand Theft Auto" games for $2 billion until May 16. Redwood City-based EA (NASDAQ: ERTS) also lowered its offer to $25.74 per share -- down from $26 -- because of some additional shares to be issued by Take-Two Interactive Software Inc. (NASDAQ: TTWO). Take-Two's shareholders amended its incentive stock plan yesterday at their annual meeting, agreeing to pay 1.5 million restricted shares to ZelnickMedia Corp., which manages the company. This was an attempt to make the deal more expensive for EA.[4] SAN FRANCISCO -- With a $2 billion hostile offer from its larger rival Electronic Arts ERTS, video games publisher in the background, Take-Two Interactive TTWO held its annual shareholder meeting Thursday devoid of any fireworks. Take-Two's management continued to dismiss EA's $26-a-share offer for the company, saying it significantly undervalues the company and urging shareholders not to tender their stock to EA. Since EA made its unsolicited bid in February, Take-Two has declined to negotiate and taken the stance that any talk of a buyout must take place after the release of the Grand Theft Auto game later this month.[5]
Each director received at least 77 percent of votes cast while the incentive plan passed with 73 percent approval, a company spokesman said. "It's definitely a vote of confidence that they believe in the current management," Janco Partners analyst Mike Hickey said of the measures passing. The shareholder meeting was unusual because some analysts estimated that up to 70 percent of Take-Two's stock changed hands after EA went public with its offer on February 24, too late to meet the February 19 cutoff date to participate in the meeting. "This can hardly be considered a show of shareholder confidence. (Take-Two Chairman Strauss) Zelnick's current shareholders were not allowed to vote on his pay package," EA spokesman Jeff Brown said. After Take-Two, which publishes the blockbuster "Grand Theft Auto" franchise, rebuffed Electronic Arts' original overture, EA took its $26-per-share offer directly to shareholders in the form of a tender offer that expires at midnight on Friday. Its offer was structured so if the compensation measure passed, the per-share value would fall to $25.74 due to the dilutive effect of the new shares.[6] Responding negatively to the EA extension, Take-Two Chairman Strauss Zelnick said, '''Take-Two's board of directors has maintained from the beginning, and continues to believe, that Electronic Arts' proposal undervalues our company. It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74.''' Take-Two said it didn't want to discuss the offer until after the release of its "Grand Theft Auto IV" video game, the fourth version of the "Grand Theft Auto" video-game series that has sold 65 million copies and is considered one of the most successful video games in history.[1]
Electronic Arts is the stalker that Take-Two Interactive can't seem to shake. The California software giant continues to pursue the hostile bid for its New York competitor despite Take-Two's insistence that it's not looking for more than a casual acquaintance. Redwood, Calif. -based software developer Electronic Arts (nasdaq: ERTS - news - people ) extended the deadline for its buyout offer of Take-Two (nasdaq: TTWO - news - people ) on Friday to May 16. It was originally set to expire at midnight Friday. Electronic Arts also trimmed its offer to $25.74 from $26 to take into consideration shares that could be issued to Zelnick Media, a management-services company run by the Take-Two chairman. EA said in a filing with the U.S. Securities and Exchange Commission that if a so-called poison pill is adopted, it would increase the number of shares reserved for issuance under its incentive stock plan by 2 million shares, and permits the issuance of awards under the plan to consultants, including 1.5 million shares of restricted stock to Zelnick Media.[7] With its original tender offer for Take-Two Interactive set to expire today in a cloud of investor disdain, video-game publisher Electronic Arts did what any company whose acquisition target is in market ascension would do: It extended its offer by a month, to May 16. Then it lowered its bid to $25.74 a share, from $26. EA (ERTS) did this because last night, Take-Two (TTWO) shareholders approved the issuance of 1.5 million new shares to the company'''s management firm, ZelnickMediashares that EA claims dilute the value of its buyout offer.[8] NEW YORK (Thomson Financial) - Take-Two Interactive Software Inc. Friday said its stockholders have offered 'indisputable evidence' that the company's efforts to enhance shareholder value are superior to Electronic Arts' unsolicited conditional tender offer. On Friday morning, Electronic Arts said it was amending its offer to reflect a price of $25.74 a share and extending the expiration date to May 16. Take-Two said the 'minuscule' number of shares tendered after Electronic Arts' first offer, as well as the strong vote in favor of the proposals presented at the company's annual meeting offer proof that the company's efforts to enhance its value are more attractive to shareholders than the take-over bid.[9] SAN FRANCISCO (Reuters) - Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research ) reiterated its opposition on Friday to a $2 billion takeover offer from rival Electronic Arts Inc (ERTS.O: Quote, Profile, Research ). "Since the board believes we are worth more than $26 a share, I urge all of our stockholders not to tender their shares at this price or at this time," Chairman Strauss Zelnick told the company's annual shareholder meeting.[10] Electronic Arts ( ERTS ) set a deadline of April 18 for Take-Two Interactive ( TTWO ) shareholders to take the company up on its $2 billion offer, or roughly $26 per share. If shareholders jump on the offer as it is, EA will be able to book GTA revenues as its own and stop Take-Two from plowing profits back into titles that compete with its own wares. If shareholders hold out for a higher price, as Take-Two's management has ardently suggested they do, it could be weeks or months before a deal happens if at all.[11]
Now comes word through a press release that EA has extended the offer, but for a little less than $26 per share, now it is at $25.74 per share. The new price, which still values Take-Two at $2 billion, takes into account additional shares to be issued following stockholder approval of an incentive stock plan at its annual meeting on Thursday. The lower price makes good on Electronic Arts''' warning that its per-share bid would fall by 26 cents if the incentive plan was passed. '''Their price is capped. They will not do a deal that is not accretive to fiscal 2010,''' said Kaufman Bros analyst Todd Mitchell, adding that EA could raise its bid by a dollar or two at most.[12] The price that EA is willing to pay per share of Take-Two has been dropped to $25.74 from $26, reflecting the issue of about a quarter million new shares of stock that shareholders voted to issue to Zelnick Media at a meeting Thursday afternoon. The aggregate value of EA's offer -- about $2 billion in cash -- is unchanged, although stockholders will now get less for their individual shares.[13]
The tender offer was previously due to expire Friday. Electronic Arts, a Redwood, Calif. -based software games developer, said it also amended its offer to reflect a price of $25.74 per share in order to take into consideration additional shares to be issued to Zelnick Media following shareholder approval of an amendment to Take-Two's incentive stock plan at its annual meeting Thursday. Valued at about $2 billion in cash, Electronic Arts said its aggregate consideration for Take-Two shares remains unchanged.[14] The tender offer was earlier set to expire on April 18. Redwood City, California-based Electronic Arts also cut its offer price to $25.74 per share from the earlier $26 per share, to include the additional shares to be issued to Zelnick Media, following stockholder approval of an incentive stock plan at Take-Two's 2008 annual stockholders meeting on Thursday.[15] Electronic Arts (ERTS) today extended its tender offer for Take-Two Interactive (TTWO) to May 16, and trimmed its offering price to $25.74 from $26. The lowered price, ERTS said, "takes into consideration additional shares to be issued to Zelnick Media following stockholder approval of the amendment to Take-Two's incentive stock plan at its 2008 annual stockholders meeting on April 17." In a statement of its own, Take-Two responded that the ERTS bid was too low before, and remains too low.[16] Electronic Arts Inc. said Friday it extended its offer for the purchase of Take-Two Interactive Software Inc. to May 16 but lowered its price to $25.74 a share to account for additional shares that will be issued. Redwood City-based EA (NASDAQ: ERTS) said the new offer "takes into consideration additional shares to be issued to Zelnick Media following stockholder approval of the amendment to Take-Two's incentive stock plan at its 2008 annual stockholders meeting on April 17."[17]
A spokesman for Electronic Arts Inc., the company that launched a $2 billion tender offer to buy Take-Two more than a month ago, likened the approval to "asking your last employer to give you a million dollar raise and forcing your new employer to pay it." That's because Take-Two only allowed shareholders of record as of Feb. 19 to vote at the meeting. That was five days before EA's offer went public, and analysts estimate that more than half of Take-Two's shares have changed hands since. EA spokesman Jeff Brown said since it's possible that more than 50 percent of Take-Two's current shareholders were not allowed to vote, the results are "hardly a measure of confidence." Zelnick called the criticism "disingenuous" and noted that the company extended the opportunity for shareholders to put proposals on the ballot, which they did not do. EA, he added, knows how record dates are selected for shareholder meetings and there was nothing unusual about Take-Two's Feb. 19 cutoff.[18] An SEC filing for Take-Two said that on April 11, plaintiff Michael Maulano filed suit against the New York-based publisher on behalf of himself and other stockholders. According to the SEC filing, Maulano has alleged that Take-Two's board of directors failed its duty to shareholders by not adequately exploring EA's $2 billion takeover bid. Earlier this year, Take-Two management, led by chairman Strauss Zelnick, turned down EA's offers to buy all of the publisher's shares, and EA's bid subsequently went hostile. Maulano also said the board breached its fiduciary duties by "enacting a By-law amendment allegedly designed to entrench the current Board of Directors, approving an amendment to a management agreement with ZelnickMedia Corporation allegedly designed to entrench the Company's management, adopting the stockholders rights plan allegedly to thwart EA's tender offer, and issuing a proxy statement and response to EA's offer that allegedly contained misleading and incomplete information," the SEC filing read.[19] A Form 8-K Current Report, filed with the Securities and Exchange Commission on April 17, revealed that on April 11, an "alleged stockholder" named Michael Maulano filed a class-action suit against the company with the New York State Supreme Court. According to the filing, Maulano claims Take-Two's Board of Directors is in breach of its responsibilities for "refusing to explore premium offers by Electronic Arts (EA) to acquire all of the Company's shares, enacting a By-law amendment allegedly designed to entrench the current Board of Directors, approving an amendment to a management agreement with ZelnickMedia Corporation allegedly designed to entrench the Company's management, adopting the stockholders' rights plan allegedly to thwart EA's tender offer, and issuing a proxy statement and response to EA's offer that allegedly contained misleading and incomplete information."[20]
Video game makers are competing with each other to get a bigger share of the fast growing global video-game industry, which is projected to grow over 9% a year and is estimated to be worth more than $48 billion in 2011. On February 24, Electronic Arts revealed an unsolicited public offer of $26 per share for Take-Two, after the latter's Board rejected an earlier private bid of $25 per share. Take-Two's board rejected the sweetened proposal also by stating that the offer was inadequate in multiple respects and not in the best interests of its stockholders. Electronic Arts had commenced its tender offer on March 13 to acquire Take-Two shares for $26 per share.[15] SAN FRANCISCO -- Video games publisher Take-Two Interactive TTWO has gained the upper hand in the high-stakes buyout battle between it and larger rival Electronics Arts ERTS. That was apparent after EA announced Friday it had extended its tender offer for Take-Two shares that had been set to expire at midnight to May 16. At the same time it reduced its bid to $25.74 a share of Take-Two from $26 a share.[21] REDWOOD CITY, Calif. (AP) - Electronic Arts Inc. (NASDAQ:ERTS) said Thursday that it received a second request from the Federal Trade Commission in relation to its proposed $2 billion purchase of Take-Two Interactive Software Inc. (NASDAQ:TTWO) EA, which is the world's largest video game publisher, said that while it believes the proposed acquisition would not be anticompetitive, the FTC hasn't come to a conclusion and said it needs more information and time to complete its review. Take-Two, best known for the popular 'Grand Theft Auto' franchise, has repeatedly rejected a $2 billion buyout offer from EA, its larger rival.[22] SAN FRANCISCO, April 18 (Reuters) - Electronic Arts Inc (ERTS.O: Quote, Profile, Research ) extended its offer for Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research ) on Friday after winning over just 8 percent of shareholders ahead of the launch of Take-Two's "Grand Theft Auto 4." Electronic Arts said its extension of the $2 billion offer to May 16 was due to a request from the U.S. Federal Trade Commission for more information about the proposed buyout, although Take-Two said the 8 percent support underscored shareholder displeasure with the bid.[23] SAN FRANCISCO (Reuters) - Takeover target Take-Two Interactive Software Inc's (TTWO.O: Quote, Profile, Research ) annual meeting on Thursday promises to be a bizarre affair: a huge chunk of shareholders are barred from taking part, while some who no longer own shares will have a voice in the video-game publisher's future. That's because the meeting is only open to shareholders of record as of February 19, six days before rival Electronic Arts Inc (ERTS.O: Quote, Profile, Research ) disclosed a $26-per-share, $2 billion bid to buy the maker of the lucrative "Grand Theft Auto" franchise.[24]
SAN FRANCISCO, April 17 (Reuters) - Shareholders of Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research ) on Thursday reelected the board of the video-game publisher, signalingsupport of the company's efforts to fend off a $2 billion takeover bid by rival Electronic Arts Inc (ERTS.O: Quote, Profile, Research ).[25]
The revised bid takes into consideration the 2 million additional shares that Take-Two shareholders agreed to issue as part of a stock incentive plan. It does not change EA's overall $2 billion valuation of the company. Perhaps the most telling disclosure from EA on Friday is that it has gathered barely 9% of Take-Two shares for its tender offer, far short of the more than 50% needed for the offer to succeed. With that huge hurdle to overcome, its decision to drop the share price is hardly going to go over well with existing shareholders. Analysts say the only way EA can clinch the deal is to raise its price for Take-Two. [21] Shareholders of Take-Two passed a proposal Thursday to grant ZelnickMedia, the company's management, 1.5 million shares of restricted stock. Redwood City, Calif. -based Electronic Arts, which launched its $2 billion tender offer to buy Take-Two in February, strongly objected to the stock grant and said it did not reflect the views of shareholders.[26]
Electronic Arts, the world's largest video-game company, began the tender offer on March 13, after Take-Two refused to negotiate in February. Electronic Arts, which makes the "Madden'' football games, had previously said that its bid would fall to $25.74 a share if investors approved the incentive plan for management.[27] The company added that while it believes the proposed transaction with Take-Two would not be anti-competitive, the FTC has not arrived at any conclusions and said it needs further information and additional time to conduct the review. Electronic Arts has launched a tender offer for Take-Two after the latter had rejected an earlier unsolicited as well as sweetened offer. New York-based Take-Two had delayed its annual meeting of stockholders until April 17 from April 10, and taken up a 'poison pill' shareholder rights plan to make the takeover bid more difficult for Electronic Arts.[15]
Take-Two went on to point out that EA has so far acquired only 6,432,787--just 8.3 percent--of the company's outstanding shares. Although EA believes its new price is fair, analysts think the company will have to sweeten the pot to woo enough Take-Two shareholders for a takeover. "We continue to believe EA wants to buy Take-Two but will likely have to raise their tender to $30 per share if they expect to close the deal," said Janco Partners' Mike Hickey, who isn't positive that the massive publisher will follow through. "It's difficult for us to determine EA's willingness to increase their bid to complete the acquisition, but the accretive nature of the deal seems obvious and the incremental cost of a higher bid seems minimal compared to the longer-term benefits."[28] The would-be target is cringing under EA's steely gaze and still complaining about "unfair value" as loudly as ever. Take Two's shareholders reelected the entire slate of sitting directors without opposition from its would-be acquirer, and then passed a resolution to give 1.5 million new shares of stock to Zelnick Media. That's the private investment company that replaced most of the Take Two board last year and is owned by chairman Strauss Zelnick. EA calmly lowered its bid from $26 per share to $25.74, like the company said it might if this stock grant was voted through. That way, the extra cost of the new shares is negated, and the purchase price remains steady at $2 billion cash.[29] "We don't think the EA offer properly compensates you, the shareholders, for the synergies EA would enjoy," continued Zelnick. He said analysts valued said synergies at over $210 million per year, with EA enjoying massive savings from not having to compete with Take-Two's sports line. "When we take on EA in sports head-to-head, we beat them every time," said Zelnick, referring to the two companies' competing NBA and NHL franchises. The companies had competing NFL and MLB series before EA locked down exclusivity for the former and Take-Two for the latter. Zelnick reemphasized why he and his colleagues rejected EA's advances. "The board believes that Take-Two is worth more than $26 per share," he stated. "That said, we are 100 percent committed to creating more value for stockholders, and will consider all options, including staying independent." Zelnick went on to emphasize that the Take-Two board would also consider a buyout from anyone for the right price--but on its own terms. "We are more than ready to begin formal discussions on April 30, a date which will provide us with optimum position and security," he explained.[30] "The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two's stockholder value as superior to the EA offer," Take-Two chairman Strauss Zelnick. EA reduced its previous offer of $26 per share to $25.74 per share, in a reaction to Take-Two's issuance of 1.5 million new shares to ZelnickMedia.[31]
Chairman Strauss Zelnick said the vote signaled a vote of confidence in Take-Two's management. "Take-Two's board of directors has maintained from the beginning, and continues to believe, that EA's proposal vastly undervalues our company," he said. "It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74."[32]
A big chunk of Take-Two's current investors are thought to be arbitrageurs, short-term shareholders looking to make a quick profit. Institutional investors like Oppenheimer Funds and FMR LLC, meanwhile, have substantially reduced their stakes in the company. The restricted stock grants reduce the value of EA's bid to $25.74 per share from $26, according to EA and analysts, some of whom think this means shareholders are leaning toward accepting the bid at its current value.[18] EA on Thursday said it received a second request from the Federal Trade Commission for information regarding the Take-Two bid. It is unclear why shareholders would consider a lower offer from EA, unless they decide an alternative bid from another company is unlikely. Most analysts think EA is the most probable acquirer of Take-Two, despite its threats to lower its offer. "At the end of the day, they're playing a really interesting game of chicken," said Benjamin Schachter, an analyst at UBS. Take-Two's shares are believed to be widely held by arbitrage traders, who bought the company's stock following the announcement of EA's bid in February and may be more willing to accept a small premium on their shares than long-term institutional investors.[2]
Take-Two has rejected EA's offer as too low, saying it undervalues "Grand Theft Auto 4," a violent game widely expected to be the best-selling title of the year. By extending the offer, which expired on Friday, without raising it, EA may be signaling its belief that even blockbuster sales of the new game after its April 29 release won't drive the stock higher. "They are playing hardball," Kaufman Bros analyst Todd Mitchell said of EA, adding that the $25.74-per-share bid could rise by a dollar or two at most. "They will not do a deal that is not accretive to fiscal 2010. They cannot overbid for this.[23] The new deadline for Take-two to make a decision is May 16th. May 16th however fits quite nicely into Take-Two's plans as it has been waiting until after the release of its next greatest hit to go on sale on April 29th, Grand Theft Auto IV. With the presales that Take-Two is keeping track of, it is expecting to be one of the top grossing entertainment titles of all time with sales of more than $400 million expected in the first week of its launch. This would handily beat Halo 3 which saw $300 million in sales worldwide in the first week of sales. The real question will be does EA need Take-Two and does Take-Two need EA? Many analysts believe that either could be well off without the other and that they could walk away from the table without a deal and be just fine. EA believes that is doesn't need Take-Two, and more than said so by reducing it's asking price.[33]
Take-Two executives have said that EA, the world's largest videogame publisher by sales, is offering too little for the company. They have said the value of a major new game, Grand Theft Auto IV, and a company turnaround effort aren't reflected in Take-Two's share price.[2] EA is the world's largest video game software company, with expected annual revenue of more than $2 billion for the fiscal year that ended March 31. Its roster includes game franchises such as "FIFA Soccer," "Madden Football" and "The Sims." Take-Two said it expected sales of $1.2 billion to $1.4 billion in its current fiscal year, which ends Oct. 31, largely on the projected sales of "Grand Theft Auto IV," a highly anticipated game due April 29.[34] By buying Take-Two, EA is trying to bulk up with more games to sell for the newest generation of gaming consoles from Nintendo, Microsoft and Sony. The video game industry, which hit $18 billion U.S. retail sales last year according to the NPD Group, has shrugged off the economic slump and is growing so fast that by some measures it's outpacing the music industry. EA has repeatedly said that timing was key for its offer — which was first made public Feb. 24 — because it wants to put its marketing muscle behind "Grand Theft Auto IV," which goes on sale April 29.[32]
Lowering the price of an offer that Take-Two already claims undervalues it clearly isn't going to advance EA's cause. At this point, that cause needs all the help it can get. As of this writing, EA has gathered a little more than 8% of Take-Two's shares. It needs 50% for its offer to succeed. With Take-Two gearing up for the April 29 release of its eagerly anticipated "Grand Theft Auto IV", it's not likely to get much more at $25.74.[8] Video game designer Electronic Arts Inc. said Friday it is extending its offer to buy all shares of Grand Theft Auto maker Take-Two Interactive Software Inc. a month and reducing its offer.[26] Take-Two Interactive Software Inc. needed a little more time to consider the offer on the table tendered by Electronic Arts Inc., and so EA said that was okay, but it also reduced the about of the offer by about 26 cents per share to about $25.74 per share.[33] BOSTON (Thomson Financial) - Electronic Arts Inc. said Friday it extended its tender offer for all outstanding shares of Take-Two Interactive Software Inc. common stock to May 16.[14] April 18 (Bloomberg) -- Electronic Arts Inc. extended its tender offer for Take-Two Interactive Software Inc. to May 16 and said it would pay shareholders less after they approved a plan to give more stock to top executives.[27]
Electronic Arts Inc. extended its tender offer for Take-Two Interactive Software Inc. to May 16 and also reduced the price for each share. Get stories by e-mail on this topic.[35] SAN FRANCISCO, April 18 (Reuters) - Electronic Arts Inc (ERTS.O: Quote, Profile, Research ) extended its tender offer for Take-Two Interactive Software Inc (TTWO.O: Quote, Profile, Research ) because of a regulatory request for more information about the proposed buyout, a senior executive said on Friday.[36]
Electronic Arts Inc. said Thursday it received a second request for information from the U.S. Federal Trade Commission regarding its proposed $26-per-share acquisition of Take-Two Interactive Software Inc. The Redwood City-based game developer (NASDAQ: ERTS) said that "while EA believes that its proposed transaction with Take-Two would not be anti-competitive, the FTC has not yet reached any conclusions regarding the proposed acquisition and has indicated that it needs further information and additional time to conduct its review."[37] The FTC is seeking further information on the proposed hostile deal involving the video game publishers. Federal regulators have escalated their antitrust inquiry into Electronic Arts Inc.' s hostile bid to acquire Take-Two Interactive Software Inc., the video game publishers said Thursday.[34]
Redwood City, CA (AHN) - Game maker Electronic Arts Friday lowered its bid for "Grand Theft Auto" publisher Take-Two to $25.74 per share from $26.[38] The company had also asked the shareholders to reject the offer, as it was not high enough. Take-Two said the $26 per share offer does not adequately compensate shareholders for its valuable franchises, which include more than 20 brands, in addition to 'Grand Theft Auto' that have sold more than one million units each.[15] EA is offering Take-Two $25.74 per share, which is actually under the current asking price of slightly over $26 as of midday Friday trading. The company says the offer price is "full and fair," and the merger is in the best interest of both company's shareholders.[39] EA of Redwood City said Take-Two shareholders have until May 16 to accept its offer, which was lowered from $26 a share to $25.74 a share, reflecting Take-Two's decision Thursday to issue 1.5 million shares to ZelnickMedia, which operates the company.[40] Take-Two has remained defiant in the face of EA's overtures. On Thursday night, when stockholders approved the issuance of 1.5 million shares to ZelnickMedia, the company announced that only 8.3 percent of its shares had been tendered so far. Take-Two's chairman, Strauss Zelnick, said EA's offer continues to undervalue Take-Two's worth, adding that the shareholders already are voting with their feet on the deal.[40] The board of the Grand Theft Auto publisher didn't feel the same way. On March 26, company directors--led by Chairman Strauss Zelnick and CEO Ben Feder--urged holders of Take-Two stock to reject EA's "inadequate" offer, which had turned hostile. EA then relented, giving its takeover target until 11:59 p.m. EDT on Friday, April 18--the day after Take-Two's annual shareholders meeting. The day before said summit--which began this evening at 6:34 p.m. in New York City--Take-Two announced that its self-imposed April 15 deadline for shareholders to nominate opposing candidates for the company's board of directors or propose other new business had passed without incident. It then went on to say in a statement that "there will be no voting or decisions made at the annual meeting regarding EA's offer.[30] The previous deadline was today. "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," said Take-Two Board Chairman Strauss Zelnick, thus formally dismissing the offer. Strauss Zelnick previously said that the offer undervalues Take-Two, the holder of successful franchises such as 'Grand Theft Auto', 'Civilization' and 'Max Payne'. "As far as we are concerned, the value of this company depreciates over time," a spokesman for Electronic Arts, Jeff Brown, said to NY Times. He added to the publication that further delays "work to erode the value and certainty of this offer."[41]
"The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two's stockholder value as superior to the EA offer," said Strauss Zelnick, chairman of Take-Two. An EA spokesman said the company believes Take-Two investors held back from tendering their shares until the deal receives clearance from antitrust regulators.[2] "The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two's stockholder value as superior to the EA offer," Zelnick said in a statement. The ongoing saga is trying the patience of EA, which had hoped to secure a deal in order to publish Take-Two's games this coming holiday season.[40]
Take-Two continued to send obvious signals on Friday that it just is not that into EA. In response to EA's extension, Chairman Strauss Zelnick of Take-Two said, "The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two's stockholder value as superior to the EA offer."[7]
The evening ended with a Take-Two stockholder meeting in which chairman Strauss Zelnick underlined the company board's repeated declarations that EA's $2 billion buyout offer is "the wrong price at the wrong time."[28] Take-Two has urged the stockholders to reject rival company's offer but said it would be open to discussion after the release of GTA IV. The latest extension pushes the bid past the April 29 release of GTA IV. EA has said that if the potential acquisition of Take-Two is delayed further, it would be hard for EA to keep its offer alive at the $2 billion value or possibly any price.[1]
The move is a shot at Take-Two's top brass, who rushed a controversial stock compensation plan that rewards the CEO's affiliated Zelnick Media company with freshly minted shares. EA insists that its offer is still worth $2 billion. It's simply penalizing Take-Two for the dilution.''[42] The shareholders voted for a proposal to increase the number of shares available for Take Two's Incentive Stock plan. The approval of this proposal meant that in the event that TTWO were sold the top three guys on the board (Exec Chairman, CEO, and Exec VP) would get at least 780,000 shares. This is what they call a "poison pill" that un-sweetens the deal for the buyer (EA). EA just rolled in this 780,000 share hit into their per-share offer; they're essentially still offering 2B for TTWO. Furthermore, this potential "drop" to $25.74 per share was stated in the original offer, so this isn't really news. Of course, stock holders are the ones "losing" here, because our potential profits just went down (including the profits of those who have already tendered their shares, because agreeing to this drop to $25.74 per share was part of the original offer).[28] One reason that EA hasn't been able to make much headway with Take-Two shareholders is that a significant chunk of Take-Two's stock is in the hands of arbitrageurs -- traders who hope to profit from the difference between the current stock price and the price at which a deal, if any, gets done. "Many of these arbitrageurs have bought the stock in the $25 to $26 area, so they are not going to tender their shares at the current price," says Arvind Bhatia, an analyst with Sterne, Agee & Leach, which makes a market in shares of EA and Take-Two. "These shareholders are not trading the stock on fundamentals but on the probability of whether a deal will happen or not and making some money out of it," he says.[21]
On March 13, EA began a $26 per share all-cash tender offer, which expires on Friday -- the day after Take-Two's annual shareholder meeting.[22] Clearly, EA hasn't been listening as Take-Two said it was undervalued at $26 per share and feels slighted by the lower offer price.[7]
Electronic Arts is extending the offer to midday on May 16 from Friday and is cutting the offering price to $25.74 from $26 to reflect stock grants to Take-Two's management. As of Thursday, about 6.4 million Take-Two shares have been tendered under the offer, less than a tenth of its shares outstanding.[26] About 6.4 million shares, or 8.3 percent of Take-Two's shares outstanding, had been tendered as of 5 p.m. yesterday, Electronic Arts said today. Zelnick said in his response today that the "minuscule number of shares tendered'' shows that his efforts to enhance stockholder value are superior to Electronic Arts' offer. The offer deadline was extended because of a second request for information this week from U.S. antitrust regulators regarding the potential transaction, Owen Mahoney, Electronic Arts' senior vice president of corporate development, said today in an interview. "Any further delays, whether it's regulatory or whether it's intransigence by Take-Two management, could affect the value and the certainty of our offer,'' Mahoney said.[27]
The news comes a day after Take-Two shareholders approved a measure granting 1.5 million shares to Zelnick Media Corp while hinting "at a broad willingness" to accept EA's offer, the Wall Street Journal reported Friday.[38] The move followed Take-Two managers receiving 1.5 million shares. Take-Two has recommended its shareholders reject a $2 billion offer from EA and put in place a "poison pill" that EA has asked removed. EA also announced it will extend its offer until May 16, four weeks beyond a midnight Friday deadline.[38] As of Thursday, about 6.4 million shares of Take-Two had been tendered, representing roughly 8 percent of Take-Two's outstanding shares. It's been nearly two months since EA made public its bid to buy Take-Two, and close to five weeks since it took the offer directly to the company's shareholders.[32] The release of GTA: IV in less than two weeks doesn't seem to faze the gaming giant, and no competing offers from other large game publishers like Activision have turned up. This is technically a hostile takeover, since Take Two rejected the original offer, and EA then took the matter straight to shareholders. As hostile takeovers go, this one's actually pretty peaceful. The simple fact that EA never submitted an opposing slate of directors is a sign of the company's smug confidence in its ultimate success. 6.4 million shares have already been signed up for the offer, with about a month to go before the newly-extended deal deadline.[29] EA said it extended the deadline to comply with a second request from the Federal Trade Commission for information about the proposed acquisition. It's the second extension, the first came after Take-Two moved back the date of its annual shareholder meeting by a week. EA wants to buy Take-Two not just for the GTA franchise, which has sold more than 65 million copies so far, but also for the company's sports business and critically acclaimed titles such as "BioShock." EA, which has long enjoyed its status as the world's largest game software publisher, will also face a worthy new rival later this year when French media conglomerate Vivendi combines its games unit with Activision Inc., the company behind the successful "Guitar Hero" series. That deal, which will give Vivendi a majority stake in a new company called Activision Blizzard, won European regulatory approval this week. By adding Take-Two's 2K Sports line to its own label, EA would have a near monopoly on sports video games, and its sheer size and global marketing prowess mean it can boost sales of Take-Two's titles.[32]
Take-Two Chief Executive Strauss Zelnick, whose ZelnickMedia wrested control of the company a year ago, urged shareholders Thursday to reject the offer. He did not rule out the possibility of selling at a higher price. "This isn't about fending anything off," he said in an interview. "It's about maximizing shareholder value." Take-Two said in a statement that while its board had rejected EA's offer, "we also don't anticipate that there would be significant or insurmountable antitrust issues that could not be remedied." EA spokesman Jeff Brown said the request was "not uncommon for this type of transaction" and that "we believe this acquisition would not be anti-competitive." He said the company would consider lowering the price of its offer.[34] Chairman Strauss Zelnick took the stage to "highlight the value of the company" and explain why EA's offer was "the wrong price at the wrong time." He said Take-Two offered to meet with EA after the launch of GTAIV, which prompted EA to go hostile. He said the board's subsequent rejection was because "nothing in their conditional offer had changed."[30]
EA isn't getting Take-Two. It's just slamming an ex-lover's Facebook page. Maybe it needs to do this for the sake of closure, but it's not going to win back the girl it never really had. This could be problematic for EA, because Take-Two never closed the door on a buyout. It simply stated that EA's unsolicited offers -- at $25, $26, and $25.74 -- undervalued the company. That's only natural, because EA's offers value Take-Two at an earnings multiple in the teens, based on its guidance, which it has increased. That's a sharp discount to the multiples that other developers like Activision (Nasdaq: ATVI ), THQ (Nasdaq: THQI ), and EA itself are fetching.'''' EA simply will have courted trouble if these actions invite video game rivals with hot hands like Activision and Viacom (NYSE: VIA ) into a bidding war for Take-Two next month.[42] Unfortunately for EA, the point is moot. The leading video game maker sent a pointed message to Take-Two Interactive (Nasdaq: TTWO ) this morning, reducing its $26-per-share unsolicited bid to exactly $25.74 a share.[42] The bid was cut from $26 to $25.74 a share after Take-Two granted the companys management 1.5 million shares of additional stocks.[35] NEW YORK (AP) — Shareholders of Take-Two Interactive Software Inc. easily passed a proposal Thursday to grant ZelnickMedia, the company's management, 1.5 million shares of restricted stock.[18] Take-Two shareholders also voted on three proposals, including the election of eight directors, and a proposal to amend the company's incentive stock plan to increase the number of shares of common stock reserved for issuance by 2 million shares.[5] Take-Two shareholders had re-elected the firm's Board of Directors and approved a proposal to amend the Incentive Stock Plan, which included the granting of 1.5 million shares of restricted stock to ZelnickMedia.[15]
Redwood City, Calif. -based EA strongly objected to the stock grant to ZelnickMedia and said it did not reflect the views of shareholders. That's because Take-Two only allowed shareholders of record as of Feb. 19 to vote at the meeting. That was five days before EA's offer went public, and analysts estimate that more than half of Take-Two's shares have changed hands since.[32] Take-Two allowed shareholders of record as of Feb. 19 to vote at the meeting. That was five days before EA's offer went public, and more than half of Take-Two's shares have since changed hands. Zelnick called the criticism "disingenuous" and said it extended the opportunity for shareholders to put proposals on the ballot, which they did not do.[26]
Take-Two has offered to begin discussions with EA and other parties starting April 30, after Grand Theft Auto IV goes on sale. Take-Two said the small portion of investors accepting EA's offer as of Thursday night -- about 8.3% of the shares outstanding were tendered -- vindicates its approach.[2] If EA withdrew the offer and the price dropped, the board could become the victim of a stockholder coup much like the one that installed it last year. With analysts predicting that the April 29 launch of Grand Theft Auto IV will break entertainment-industry records, Take-Two could soon see its stock rise above current levels.[30] Even as it gave with one hand, it took away with another: EA said it would trim the per-share offering price to $25.74 from $26, given newly OK'd stock grants to Take-Two's management, ZelnickMedia. Take-Two plans to launch "Grand Theft Auto IV" later this month.[43]
Take-Two's trump card is the much-coveted Grand Theft Auto IV game and the extension of the deadline for EA's tender offer plays right into Take-Two's hands. With initial buzz for Grand Theft Auto IV game being strong and near-perfect review scores so far, the game could beat sky-high expectations and put Take-Two further in a position of strength after its release.[21] Redwood City (CA) - Electronic Arts' much-publicized offer to take over Take-Two was set to expire this week, but EA has decided to extend it to May 16, two weeks after Rockstar's crucial Grand Theft Auto IV comes out.[44] Investors in Take-Two are waiting to hear details of plans to take the gaming company to the next level. The company has said it is pursuing options including "a business combination with third parties, remaining independent, or other strategic or financial alternatives," but it isn't making anything official until after the fourth incarnation of its super-sexy, violent videogame Grand Theft Auto hits store on April 30. At the time, Chief Executive John Riccitiello of Electronic Arts argued in an open letter that the proposed deal is "attractive" for shareholders of both companies and that his "preference" was to make the acquisition "a friendly transaction."[7] A shareholder has filed a suit against Take-Two, alleging that members of the Grand Theft Auto publisher's board "breached their fiduciary duties" in the way they've handled Electronic Arts' takeover bid.[19]
Take-Two, which publishes video games including "Grand Theft Auto," earlier urged shareholders to reject the EA offer.[17] Take-Two -- which publishes the popular "Grand Theft Auto" franchise -- urged shareholders earlier to reject EA's offer but said it would be open to discussion after the fourth version of the game is released.[37]
Take-Two has maintained that EA's bid undervalues the company and is "opportunistic" since it comes before the release of Grand Theft Auto IV, Take-Two's much-awaited game that is expected to be the biggest blockbuster of the year.[21] Take-Two has since said it is open to a buyout, but it wants to wait until the day after "Grand Theft Auto IV," the latest game in the wildly popular GTA franchise, goes on sale April 29. EA wants the deal to happen soon because it wants to put its marketing muscle behind the popular game ahead of the lucrative holiday season.[18] Take-Two has said that any talks would have to take place after the April 29 release of Grand Theft Auto IV. Sales of the game could play a large role in determining the company's overall value.[40] Take-Two has been holding out, refusing to enter formal talks with EA or any other suitor until April 30, the day after "Grand Theft Auto IV" goes on sale.[32]
Take-Two's management has said it is willing to negotiate but only after the April 29 release of Grand Theft Auto IV, a stance that EA had rejected so far but now seems to have tacitly agreed to. EA first made its offer for Take-Two public in February, after the latter's management had rejected friendly requests to negotiate.[21] The Take-Two chairman also added that the company continues to be open to other offers, and has "received expressions of interest from a number of interested parties and look forward to beginning formal discussions following the launch of Grand Theft Auto IV."[31] The offer extension pushes the bid past the April 29 release of "Grand Theft Auto IV,'' the latest installment of Take-Two's top-selling franchise.[27]
The agreement between the companies is still valued at $2 billion. Take-Two has said that it wont negotiate the acquisition but after April 29 when its new game and best-seller "Grand Theft Auto IV" is released and placed in stores.[35] Executives of Grand Theft Auto publisher tell shareholders they will not yield to EA's $2 billion takeover bid--but take only two questions.[30]
EA said the deal is still valued at $2 billion. In response to EA'''s latest amendment to its bid, Take-Two said that shareholders are more attractive to the company's efforts to enhance its value than the take-over bid.[1] "In order to get a deal done, the arbs need to call a special meeting with a later record date," Pachter said. "That can only happen Thursday if it was prearranged with EA. Possible, but unlikely." Using the February 19 shareholder record date also means that those who sold shares -- including fund firms Oppenheimer and Fidelity -- to lock in the 50 percent premium from EA's bid, will wield voting power based on their previous, larger stakes held before the record date. EA spokesman Jeff Brown reiterated the company's position that it could either extend its takeover offer or walk away. He expressed scorn over how the shareholder meeting was set up.[24] New York-based Take-Two (NASDAQ: TTWO) continued to fight EA's takeover attempt during a meeting the night before. Shareholders are considering a proposed amendment that would issue additional shares of stock to its management firm, thus making the deal more expensive.[37] EA's announcement came a day after New York-based Take-Two (NASDAQ: TTWO) shareholders agreed to pay 1.5 million restricted shares to ZelnickMedia Corp. for managing the company.[17]
Now it will probably have to wait until after the fact, which could drive up the asking price for the New York-based publisher. EA has lowered the price for its offer. It now wants to take over the company for $25.74 per share.[44] The new offer continues to be inadequate and undesirable, according to Take-Two. "It undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74," he said in the statement.[43]
The increase was set higher than EAs offering which gives signs that the company could increase the bid per share. Electronic Arts announced publically its bid in March 13 after Take-Two rejected a negotiation in February.[35] The company stated that the amendments are on account of the adoption of a poison pill by Take-Two and postponement of the annual meeting of stockholders to April 17. The amendments to the tender offer included a condition added by Electronic Arts to its offer, requiring either that Take-Two's Board of Directors redeem the preferred stock purchases rights issued as a result of Take-Two's adoption on March 24 of the stockholders rights plan, or that Electronic Arts be satisfied that such rights have been invalidated or are otherwise inapplicable to its acquisition.[15] Earlier versions in the series, which combines shooting and driving as criminals battle for control of U.S. cities, have sold 66 million copies. Take-Two shareholders approved the stock-incentive plan for executives and re-elected the company's board at their annual meeting last night, supporting management's position that the video-game maker is worth more than the offer from Redwood City, California-based Electronic Arts.[27]
According to the Wall Street Journal (subscription required), Electronic Arts now says it may lower its bid, with a company EVP saying that "The passage of time, whether due to regulatory issues or intransigence by Take-Two management, will diminish the value and certainty of our offer."[45]
Electronic Arts rose 55 cents to $52.01 and has lost 11 percent. "For the time being, the extension of the tender deadline significantly lowers the probability that EA will walk away from its offer to buy Take-Two,'' Cowen & Co. analyst Doug Creutz wrote in a note to clients today.[27] Electronic Arts, the computer and video games developer, has extended its unsolicited $2 billion public offer for Take-Two Interactive to May 16.[41] A month and a half ago, Electronic Arts stunned the game industry by announcing an unsolicited $2 billion takeover bid for Take-Two Interactive.[30]
Electronic Arts said Friday that it would extend the expiration date of its $2 billion takeover offer of Take-Two buy about one month.[39] The transaction is still valued at approximately $2 billion in cash, Electronic Arts said, suggesting that the aggregate consideration for Take-Two shares remains unchanged.[15] Shares of Electronic Arts closed Thursday at $51.46, while shares of Take-Two, a New York-based software games developer, closed at $25.85.[14] Shares of Take-Two were up 0.5%, or 13 cents, to $25.98, at the close of trading in New York on Friday, while Electronic Arts jumped 1.1%, or 55 cents, to $52.01.[7]
Electronic Arts said that all through Thursday, only about 6.4 million Take-Two shares were tendered and not withdrawn from the offer.[15] 'EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties,' Electronic Arts said.[14] "EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties," the company said in a statement today. Kotaku spoke with two EA execs who say that the clock is ticking on the deal, and give no indication that they'll be budging from the new tender offer's price point.[13] Take-Two's management has insisted all along EA's bid undervalues the company. The extension of the deadline for the tender offer also represents a concession by EA that it now has to play this acquisition game by Take-Two's rules.[21]
At the end of day April 17, EA said 6.4 million shares of Take-Two had been tendered in and not withdrawn from the tender offer.[17]
Personally I think EA would make a great GTA (great graphics duh) except it would take 5 hours to beat it and then you would be bored out of your mind. EA needs to put more into their writing and less into their graphics. Thats my opinion. "We continue to believe EA wants to buy Take-Two but will likely have to raise their tender to $30 per share if they expect to close the deal," said Janco Partners' Mike Hickey, who isn't positive that the massive publisher will follow through."[28] '''The board believes that Take-Two is worth more than $26 per share. That said, we are 100% committed to creating more value for stockholders, and will consider all options, including staying independent.[12]
The company said it adjusted the per-share price to $25.74 from $26 to reflect additional shares of restricted stock granted to Take-Two's management.[32] The $26 a share bid, which had been set to expire at 11:59 p.m. tonight, was lowered to $25.74 because of the additional stock granted to management, Electronic Arts said today in a statement.[27] Megapublisher pushes its deadline to May 16, but lowers bid to $25.74 per share; GTAIV publisher remains defiant with only 8.3 percent of stock tendered.[28]
New York-based Take-Two's shares fell 24 cents to $25.85 Thursday. EA went public with its bid Feb. 24 after Take-Two privately rebuffed it.[18] The new product could trigger up to $170 million on the first day of sales, Bloomberg noted, quoting a Janco Partners analyst Mike Hickey. The issue several analysts are observing now is either that EA raises its bid for the company or Take-Two will continue as an independent firm.[35]
Take-Two traded above the bid today, indicating investors anticipate a higher offer. The stock, up 41 percent this year, advanced 13 cents to $25.98 at 4 p.m. New York time in Nasdaq Stock Market trading.[27] EA, which is located in Redwood City, Calif., and New York-based Take-Two received second requests for information from the Federal Trade Commission related to EA's $2-billion cash offer, which would combine two of the industry's largest game developers.[34] Anyway, you guys better make sure you, your mom, your little bro, your dog, and f it, your grandma too, buy the game. That way sales estimates will be crushed, the stock will jump, and EA will have to shove their offer where the sun don't shine. They bleed greed, and due to the imminent success of GTA4, coupled with the strength of the 2K Sports' lineup, I don't see them letting up even in the event of Take-Two holding out through the May deadline.[28] Boosted guidance helps lift the stock. Take-Two executives hold firm on its stance on hostile offer from EA.[21]
"EA continues to believe that the offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties," the company said.[17] I don't see EA getting Take-Two before GTA IV is released. With the poison pill in place, EA could empty their entire back-roll and still wouldn't own over 49% of Take-Two. EA expected T2 to roll over and hand their company over to them like all other have in the past. Not going to happen this time EA. Sorry. With their portofilo of games they can be as big as EA in a couple of years.[30] They try to enter the FPS genre and they always come up with mediocre games which they will beat to death. I guarantee that you will see Army of two 2 and 3 and 4 because they like to beat games to death that should have retired long ago. EA wanted to ram this thing through before GTA IV came out because they KNOW the price will go up after GTA IV comes out. After GTA hits the street EA wont be able to afford T2 EA needs to just go away, no one likes them anymore. They are like the bully at school who pushes all the kids down at recess, time to take them down a few rungs. Its like they think its LAW that only them and their buds at Mircrocrap are allowed to make money, every other company needs to just bow before them.[30]
"We're in the position of generated shareholder value in a sector at the fastest-growing segment of the entertainment industry," elucidated Zelnick. "EA's offer came at a highly opportunistic time, as it comes right before the launch of the next installment in the most successful franchise in this entire industry. We've received several advance reviews, and with one exception, they are all perfect scores. My mom couldn't write a bad review about this game."[30] EA has since launched a hostile tender offer, bypassing the board and appealing directly to Take-Two's shareholders.[34] Apparently, last night at the Take-Two shareholder's meeting EA's offer was rejected EA'''s as too low.[12]
While largely assumed, the move confirms that the game would not be delayed even in the event of an EA acquisition, as some analysts theorized. It was onto a strongly worded warning to those present to abide by the rules of the meeting, and that only "stockholders of record" could present at the meeting. He then issued a stern warning that no one was to address EA's offer until the board had made their case at the very end of the presentation on why the bid was rejected.[30] EA's only significant competitor to to offer a suite of sports games is Take-Two's 2K Sports, according to many analysts.[34]
Wedbush Morgan Securities analyst Michael Pachter estimated that EA controlled 40% of the $3-billion global market for sports games, while Take-Two held a 6% share.[34] Valued at about $2 billion in cash, EA's aggregate consideration for Take-Two shares remains unchanged.[17] New York-based Take-Two'''s shares rose 0.9% to $26.09 in morning trading, while EA'''s shares rose 1.9% to $52.42.[1] In midmorning trading Friday, EA's shares were up $1.08, or 2 percent, to $52.53, while Take-Two's shares were up 30 cents, or just more than 1 percent, to $26.11.[43]
For that reason, Mr. Schachter expects EA to eventually acquire Take-Two for between $26 and $28 a share.[2] EA shares rose 55 cents, or 1.1 percent, to close at $52.01, while Take-Two shares added 13 cents to $25.98, compared with the Nasdaq's.IXIC 2.6 percent rise.[23] Shares of Take-Two slipped 24 cents Thursday to $25.85, and EA fell 56 cents to $51.46.[34]
The publisher's share price has been hovering around EA's $26-per-share offer price.[30] With just 8.3% of shares tendered in EA's offer, the company is not close to completing a deal.[45] We may very well have our outside influence. EA decreased the offer per share, but they're still essentially offering the same amount of money for the company as a whole.[28]
Investors who bought Take-Two shares in the last two months won't get to vote on issues like re-election of the board, which rejected Electronic Arts' offer as too low and badly timed, or a buyout-related executive pay package.[24] "Take-Two's board of directors has maintained from the beginning, and continues to believe, that Electronic Arts' proposal undervalues our company," said Zelnick in a statement[28] Previously, it was rumored that Take-Two might further delay the game in an attempt to boost the company's potential valuation amid current take-over bids by Electronic Arts.[46] Electronic Arts Inc. gave Take-Two Interactive Software Inc. more time to consider its bid but also lowered the amount of the bid on the table as well.[33] On the same day, Electronic Arts said it received a second request from the U.S. Federal Trade Commission, or FTC, regarding the takeover bid for Take-Two.[15]
"Worst case, a combined company would be forced to divest certain assets/franchises, but we see even that as unlikely. Given limited info, it's difficult to say how any regulatory conditions would impact valuation, but clearly synergies around Sports are a key component of the deal." In addition to delaying its takeover deadline, EA also lowered its bid from $26 to $25.74 per share--a price Mahoney declared to still be "full and fair." [28] Analysts valued said synergies at over $210 million per year, with EA enjoying massive savings from not having to compete with Take-Two'''s sports line. When we take on EA in sports head-to-head, we beat them every time.'''[12]
The disclosure came on the same day that Take-Two shareholders approved a measure granting stock worth as much as $39 million to top managers if the company were sold. Take-Two said at least 73.4% of its investors approved the resolution and that at least 77.3% approved management's slate of directors.[34] Take-Two shareholders granted ZelnickMedia, the company's management, 1.5 million shares of restricted stock.[32] The Board and management remain committed to acting in the best interests of stockholders. We are confident in the significant growth potential of Take-Two and in the unique value of our business given our strong position in this dynamic industry.''' He is probably also happy that ZelnickMedia, Take-Two'''s manager, would receive 1.5 million shares of restricted stock.[12]
EA said that as of today, it had bought about six million shares, representing approximately 8% of total Take-Two stock.[13] Just 6.4 million shares have been tendered to EA, only about 8% of Take-Two's shares outstanding.[42]
The latest round between the video game makers got into full swing on Friday morning, with word from EA that it would extend its Friday deadline for buying up all Take-Two shares by a month, to May 16.[43] What should be the best indicator of investor sentiment toward an EA takeover could point the wrong way, since analysts reckon as much as two-thirds of Take-Two shares have changed hands since late February, and many are held by arbitrageurs who trade on tiny fluctuations in price.[24] EA doesn't necessarily need Take-Two. "(This is evident) in their conviction in their existing offer, that they haven't raised the price," said Colin Sebastian, an analyst with Lazard Capital Markets. "But they view it as a good opportunity. If EA thought this was a very necessary component in their growth plan, they would have been more aggressive."[32] The offer was a whopping 64 percent premium over Take-Two's closing stock price the prior day, and was regarded by analysts as being too generous for shareholders to turn down.[30]
Zelnick also said that EA's offer didn't take into account the rest of Take-Two's portfolio, which includes BioShock, Civilization, Midnight Club, and 2K Sports brands. He also pointed out Take-Two had "streamlined" existing operations as well as opened new offices in Asia.[30] Zelnick termed Friday's offer as "the same highly conditional proposal" put forth by EA a month ago, which Take-Two rejected.[43]
"The passage of time, whether due to regulatory issues or intransigence by Take-Two management, will diminish the value and certainty of our offer," said Owen Mahoney, EA's senior vice president of corporate development.[2] Owen Mahoney, EA's senior vice president of corporate development, said any further delays, whether caused by regulatory requirements or Take-Two's management, could affect the "value and certainty of the offer."[32]
The total value of EA's cash offer remains unchanged at around $2 billion.[2] Are you satisfied, EA? Think you're cool? Why don't you lower that offer from $25.74 to $25.72, if only to hammer home the point that you're taking back your two cents' worth? Then you can go from $25.72 to $25.62, just to tell the world that you don't give a dime.[42]
EA really isn't even trying very hard right now. If they wanted to there are all kinds of legal issues with declining high offers on the stock market. Anything to promote big business right? =( Also, people need to stop saying that EA makes crap games, and specify WHY they make crap games.[28] AND TNX EA. For all the pre-release hype on the biggest title to hit any console. EA took their offer hostile and have been appealing to the stock holders for some time now. They want to make the stock holder go "Wait WHAT?!?!?!" and cash out before it gets lower and they lose any more money over it. It's a valid tactic because people don't like to loose money and even.26 cents can be a substantial hit if you own a lot of stock.[28]
The meeting is expected to address and offer details about the current state of EA's attempted hostile takeover of Take-Two.[20] The Federal Trade Commission said Thursday that it was opening up a second line of inquiry on the merger, and so far Take-Two has rebuffed EA's offer.[39] EA extended the deadline of the tender offer, which was set to expire Friday, after receiving a request for more information about the merger from the Federal Trade Commission.[40] Whether EA will walk away from the deal is unclear, but Doug Creutz, an analyst at Cowen, says the extension of the tender offer significantly lowers the probability that it will.[21] The outcome of the buyout is still up in the air. EA can still raise its bid, extend Friday's midnight deadline for the tender offer, or even walk away.[18]
The bid seems to have come in a rather awkward moment, as Take-Two has managed to sell over 65 million copies since Grand Theft Auto made a statement in the game industry seven years ago. [41] Take-Two executives say that the bid undervalues the company's turnaround effort and upcoming release of the latest game in the Grand Theft Auto series.[45]
Grand Theft Auto IV will be released on April 29 for Xbox 360 and PS3. According to sources close to Variety, Take-Two expects the game to sell 6 million copies in its first week.[46] Take-Two is counting on "Grand Theft Auto IV'' sales to justify a higher price or remain independent.[27]
Tech news blog - CNET News.com Grand Theft Auto maker's shares, Electronic Arts lops a bit off of its offering price.[43] To try out any of the newsletter services, take a 30-day free trial. Longtime Fool contributor Rick Munarriz has played a few of the Grand Theft Auto games, though he's never been much of a carjacker. He does not own shares in any of the companies in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.[42]
Take-Two, the maker of Grand Theft Auto, responded quickly Friday to EA's deadline extension/price reduction.[43] The new date falls more than two weeks after April 30, which is one day after Grand Theft Auto IV's worldwide launch and the day Take-Two said it would begin entertaining acquisition suitors.[28] Take-Two CEO Ben Feder on Thursday said Grand Theft Auto IV has been sent to manufacturing and will soon arrive in stores. They see me rolling, tryin' to catch me ridin' dirty.[46]
The morning began with the Federal Trade Commission's announcement that it was launching an investigation to see if an EA buyout of the Grand Theft Auto IV publisher would violate anticompetitive legislation.[28] Do you really think that the other 92% that passed on the $26 exit strategy will walk the plank for even less? Of course not. Grand Theft Auto IV comes out later this month.[42] In this file image provided by Rockstar Games/Take-Two Interactive Software Inc., a scene from "Grand Theft Auto IV" is shown.[32]
A U.S. District Court judge said that plaintiffs did not adequately state how Take-Two intentionally deceived investors about the unlockable adult content in Grand Theft Auto: San Andreas. The judge said plaintiffs will be allowed to amend the suit and replead their case.[19]
The most likely outcome is a deal in the range of $28 to $30 a share, said the San Francisco-based analyst, who has a "neutral'' rating on New York-based Take-Two. [27] A company spokeswoman said shareholders also approved a new executive incentive package that will give Take-Two management higher fees and additional shares, some of which vest immediately in the event of a buyout.[25] The terms of the deal essentially remain unchanged, although the company changed the per-share price to reflect additional shares that were issued to Zelchick Media at the shareholder meeting Thursday.[39] I believe they lowered the price as punishment. It's saying "You better accept now, the price is only going down". It also may effect the shareholders because Take Two could of gotten them a better deal and they didn't. The share holders may panic and take what they can get when asked if they want the takeover to happen.[28]
EA said earlier Thursday it received a second request for information from the FTC regarding the deal. "While EA believes that its proposed transaction with Take-Two would not be anti-competitive, the FTC has not yet reached any conclusions regarding the proposed acquisition and has indicated that it needs further information and additional time to conduct its review," said EA in a statement. [5] Earlier Thursday, EA said it received a second request from the Federal Trade Commission regarding the buyout proposal. The world's largest video game publisher said while it believes the proposed acquisition would not be anticompetitive, the FTC has not come to a conclusion and said it needs more information and time to complete its review.[18]
Zelnick refused to answer the question as to whether Take-Two had entered into any "confidentiality agreements with other potential buyers" as it previously stated last month. He also refused to comment on the announcement that the Federal Trade Commission was investigating whether an EA takeover would violate antitrust laws - which is absolutely true considering that the combining of 2K Sports with EA would mean that EA Sports would have a monopoly on all FIFA, NASCAR, NBA, NCAA (basketball and football), NFL, NHL, MLB, and PGA games.[12] Zelnick declined to answer a query as whether Take-Two had entered into any confidentiality agreements with other potential buyers, as it has previously publicly hinted. He refused to comment on today's announcement that the Federal Trade Commission was investigating the possibility that an EA takeover could violate antitrust laws.[30]
At the annual shareholder meeting, Zelnick said Take-Two is continuing to explore alternate options, including staying independent. He declined to elaborate whether the company has signed any agreements. He also declined to comment about the U.S. Federal Trade Commission' interest into any merger between the two companies.[5] The Zelnick Media flap is unfortunate, but shareholders are over it. They approved the company's stock incentive program during this week's annual shareholder meeting.[42] I think the target is fighting the proposal simply because Zelnick and Friends are hoping to enrich themselves a bit more at the expense of other shareholders. That's exactly what the new stock grant accomplished. It'll be a bit sad to see Take Two lose its unique identity and get subsumed into EA's (lack of) culture, but this is not personal. It's just business.[29]
Take-Two shareholders seem to be counting on that and remain unfazed by EA's latest move.[21]
EA is not the right company to bring out Take-Twos or rockstars games. I cant see them bringing out the next manhunt and I doubt they would keep pushing the boundaries with the GTA series after 4. They dont have the b@lls to produce rockstars games. They would find a way to ruin Bioshock too.[30] Who's to say that the Rockstar developers will stick around to work on another GTA game. They are obligated to make exclusive content for the 360, but that's about it. Once that's done they could leave EA and start a new company.[28]
EA NOT owning Take Two is really a good thing. I.E. they own 8.3% of Take Two already so why offer the same buy-out for what they already own. Take Two won't sell, think of this folks, Take Two is the best company at Pre-Sale hype. They will take a lawsuit on just to get word out about the next up-coming game.[28] I am getting sick of EA bullying other companies in North America and across the world, and it is time for it to come to a stop. That means more middle of the road sucky games and I wont have an awesome company go down in flames just because the idiots at think it would be a good idea. Sure they say it will be same but who believes them. If take two did sell everyone would hate them so EA would have no use for them.[28]
You can only go so far with an M title. Obviously they dont want you, nor do they care about you. unlike you idiots at EA, take-two is more busy tring to make good games than trying to take over the gaming industry while making half baked games that sell for 60 dollars. just give up EA. they know that ure going for the money of GTAIV, besides lowering the price of the price that they aldready declined doesnt help either.[28] The deal, however, is raising the eyebrows of regulators, who might be wary of the concentration of games - particularly sports titles - under EA's roof, should it buy Take-Two.[40] "The most likely outcome will be a completed deal in the $28 to $30 price range," says Cowen in a research note. That's exactly what Take-Two's management wants and so far it is holding all the right cards.[21]
The plan will cost Take-Two about $21.2 million a year, according to a March 26 report by proxy adviser Glass Lewis & Co. The firm recommended investors vote against the plan, saying it would do little to enhance the stock's long-term value.[27] In 4 p.m. Nasdaq Stock Market composite trading Friday, Take-Two's shares rose 13 cents, or 0.5%, to $25.98.[2] Shares of New York-based Take-Two climbed 13 cents to close at $25.98 in afternoon trading.[32] Take-Two shares rose 0.50 percent to $25.98 in the New York Mercantile Exchange late afternoon.[35]
Shares of EA closed 1.07 percent up by $52.01 a share on Friday in Nasdaq. This article is copyrighted by International Business Times.[35] Shares of Redwood City, Calif. -based EA fell 56 cents to $51.46 Thursday.[18]
Shares of Electronic Arts added $1.34, or 2.6%, to $52.77 in recent trading.[21] The plan grants more stock to some executives, increasing the number of shares Electronic Arts would have to buy in a takeover.[27] More than 73 percent of shares that were voted at yesterday's meeting backed the stock plan, which includes a grant of 1.5 million shares to ZelnickMedia Corp., led by Zelnick.[27]
As of Thursday, just 6.4 million shares of Take-Two had been tendered--that is, about 8 percent of the outstanding shares.[43] As of Thursday, about 6.4 million shares of Take-Two had been tendered, representing roughly 8.0% of Take-Two's outstanding shares.[7]
When it first offered the acquisition deal on March 13 it was willing to pay $26 per share. [44] While second requests for information are generally rare, EA continues to believe that it should have no problem clearing regulatory hurdles. However it warned that it may lower its offer since the deal "becomes less valuable to EA with each passing month."[39] The company continues to believe that the offer price for Take-Two is fair, and a transaction between the companies is a compelling combination financially, strategically and operationally.[15] Take-Two's management, however, has repeatedly said the offer undervalues the company.[18]
New reports also surfaced on Thursday stating that a judge has dismissed some claims against Take-Two that accused the company of misleading shareholders about the "Hot Coffee" fiasco.[19] Take-Two has said it won't negotiate until after the game hits stores and is urging shareholders to reject the takeover plan.[27]
Acquiring Take-Two would provide more heft for EA, whose title as the world's largest video game manufacturer is being challenged by the merger between Activision and Vivendi Games, which was announced in December.[40] Although the combined revenue would comprise a fraction of the estimated $28-billion global market for video game software, antitrust experts said regulators may consider a merger's effect on the narrower market of sports games, which EA dominates.[34] EA was founded in 1992 and had $3.1 billion in sales in 2007. It has 7,900 employees worldwide. It has developed videogame software used in Sony's Playstation, Microsoft's Xbox 360 and the Nintendo Wii. Its roster of games includes Madden NFL, The Lord of the Rings and NBA Street.[7]
The game, which already is the most expected game of the year, is slated for an April 29 release date. It is expected by Variety to gain not only the title of the best debut in videogames industry, but also the title of 'the biggest debut ever for an entertainment product' bringing in $400 million during its first week on the market. EA, known for its franchises Need for Speed or The Sims, is said to be a bit out of hand these days, considering its rivals are doing better than ever.[41] The game may generate as much as $170 million in first-day sales, according to Janco Partners analyst Mike Hickey.[27]
Take-Two, however, has called the timing "opportunistic" and has refused to sit down with EA until the day after GTA IV goes on sale.[32] EA would definitely want to put some advertising in GTA. Although this is a buyout of Take-Two, not really Rockstar, so unless I'm really mistaken, I'm sure GTA would turn out alright.[30]
Take-Two's 2K Sports is widely regarded as EA's only significant competitor in sports games.[34] Despite EA's aggression and potential added value for Take-Two, the publisher has remained adamant about not willing to talk.[44] "Whether the completion is delayed by regulatory review or by intransigence by Take-Two management, it becomes less valuable to EA with each passing month."[34]
GTA IV could well be the best-selling game yet for Take-Two's "Rockstar" label. The niche publisher has become notorious for its "push the envelope" gaming strategy, dealing with legions of regulatory scrutiny and public outcry.[44] Thats SA. It's like what everyone has been saying in analyst reports and comments for some time now: Take-Two claims that they are being undervalued, but the numbers they are showing right now are already including GTA IV in it.[28] Who knows, Take-Two may already have another company that wants to purchase them, but have to keep it hush-hush until after GTA IV is released.[30]
The group approved a measure granting some $39 million in stock to top managers if the company is sold, and the board's measure was approved by over two-thirds of all voters. [39] Whatever, go away EA, you are the worst company ever. Now that's a good company to work for, one who's not willing to sell out it's stock holders for anything less than what they're worth.[30]
SnoopRatt I hate EA. No offense to anyone but if you guys would stop buying EA games and maybe rent if you must play a EA game, then they wouldn't be so rich, you guys including myself have given the company this power.[30] I used to love EA. Now there is no other game company out there that I dislike more.[28] EA needs to go away. They remind me of AOL in its glory days when they would go around buying up every small, profitable company under the sun, then run them into the ground. EA used to make decent games, but they got too fat and bloated and now they care about nothing but making more and more money. Most game companies are in it to make money, but some of them care more about QUALITY than QUANTITY.[39]
We will be giving a brief presentation at the meeting on the reasons our Board rejected EA's offer." [30] EA's offer is set to expire Friday night. Last month EA extended its offer but said it would at least need a promise that the poison pill won't apply to its current takeover attempt.[37] Today's news cycle began with yet more developments in the would-be megamerger. EA announced that its takeover offer, which was set to expire at 11:59 p.m. this evening, was being extended to May 16.[28]
'''We don'''t think the EA offer properly compensates you, the shareholders, for the synergies EA would enjoy.[12] The original tender offer was set to expire today, and shareholders aren't nibbling.[42] On March 28, Electronic Arts had amended and extended the all-cash tender offer to April 18 from the earlier April 11.[15] The maker of video-game software is still seeking a higher offer from Electronic Arts Inc.[3] "We've extended it because of a second request from the FTC (U.S. Federal Trade Commission), but we continue to believe that the offer is full and fair," Owen Mahoney, Electronic Arts' senior vice president of business development, told Reuters.[36] Owen Mahoney, Electronic Arts' senior vice president of business development, told the Reuters news service that the actual reason for the delay was the FTC's investigation--an investigation that analysts believe is much ado about nothing.[28]
Electronic Arts, the world's largest video game publisher, has been active in the acquisition arena.[44]
I don't usually repost, but Angelcar made a great point. The better this game sells, the least likely that EA will follow through with this acquisition. Encourage EVERYONE in your circle to cop this game. Hell - i don't care if you buy an extra copy for yourselves for safe keeping, just do whatever's neccessary to help kill this deal. A lot of people contend that the gaming community exert very little control over this matter - and that may be true.[28] All the people who say EA's sports games are good are smokin crack. When 2k gets a little more time on there sport games they will easily over come EA's. 2k's baseball game has already out did EA's.[28] After a brief clip showing off the company's games, the meeting began with a rundown of the prior year's achievements by Feder. After noting successes such as BioShock being "the highest-rated 360 game of all time," the CEO almost nonchalantly announced that GTAIV has gone gold, and was "in production and in trucks en route to retailers."[30] OF COURSE NOT, we all know what will happen, the games we love shall turn out like all other EA games, re-freshed, re-shaped and re-issued year after year. BLAH BLAH BLAH, just for the point of it i'm not going to but another EA game until they shut up about trying to buy out T2 and stop acting like they are the big bully at school pushing everyone around because they are bigger than the rest. We all know what happens to bullys, at some point they get their arse kicked and i just wish it was me who was going to be doing the kicking.[28]
Personally I loved the ESPN 2K football (IMO it owned MADDEN that year) and was pissed when EA bought out the rights from the NFL. Competition is what makes businesses grow not monopolies. I hope if they are acquired, that they get the $$$they deserve. I approved this message.[30]
Thats why ea wants to take over cause otherwise ea's share price is gonna go down. greedy basterds. [28] After that, the stockholders will probably be willing to go with $22.00 a share, just to get back some sort of salvation.[28]
Take-Two shareholders took steps at the meeting to prepare for a sale, even if it does not happen. [39] I'm not so sure. Take-Two shareholders rejected the bid, presumably because they feel that it's inadequate. It's hard to understand how a lower bid would be more enticing.[45] I think shareholders may be overdiscounting some of the bizarre risk factors that come with Take-Two Interactive, which has historically been a corporate governance Porta-Potty.[45]
Zelnick was named chairman last year after leading a shareholder revolt that ousted the company's previous management.[27] Although it may have appeared on the outside the company was not interested in talking about a sale at the meeting, CEO Strauss Zelnick would not rule out a sale if the price is right.[39] Chairman Strauss Zelnick called it a vote of confidence — Take-Two's board was also re-elected by a wide margin.[18]
Germany's Federal Cartel Office also has asked for information about the proposed deal, Take-Two disclosed in a filing.[40]
Take Two Interactive makes tons of money from GTA Midnight Club NBA 2K MLB 2K And many more great games. EA still managers to make money also by selling their crappy worthless games to idiots. [12] EA put pressure on developers to bring games out frequently to increase profits but in turn end up ruining franchises. In the long run, EA would probably ruin the gta franchise and end up losing more money than they could gain. With things the way they are now, at least the gta and bioshock franchises are safe.[30]
EA's bid, which was first proposed last month, was seen as a calculated attempt to cash in on GTA IV before it hit stores.[44] Thank you EA for all the free advertising on our new up and coming GTA title. They are truely idiots when you put about four different aspects onto the situation.[28]
SOURCES
1. EA extends its offer for Take-Two, lowers bid price - The Money Times
2. Moneyweb - Wall Street Journal - EA threatens to lower bid for Take-Two
3. Tender offer for Take-Two extended | Philadelphia Inquirer | 04/19/2008
4. Electronic Arts extends offer for Take-Two again, lowers per-share price - San Francisco Business Times:
5. Take-Twos Annual Meeting Lacks Fireworks | Software | ERTS TTWO - TheStreet.com
6. Take-Two shareholders approve board, pay package | Deals | Reuters
7. T2 To EA: Just Not That Into You - Forbes.com
8. EA Announces Cold Coffee Mod for "Grand Theft Auto IV" | John Paczkowski | Digital Daily | AllThingsD
9. Take-Two responds to Electronic Arts' revised tender offer - Forbes.com
10. Take-Two reiterates opposition to EA buyout offer | Deals | Reuters
11. Games Inc. EA-Take-Two, The Deadline's Tomorrow - BusinessWeek
12. The Take-Two/Electronic Arts Soap Opera Continues
13. EA Extends Take-Two Tender Offer | Game | Life from Wired.com
14. Electronic Arts extends $2 billion Take-Two tender offer to May 16 - Forbes.com
15. Electronic Arts Extends Take-Two Tender Offer To May 16; Lowers Price - Update [ERTS] - RTTNews, Today's Top Stories, Global Newswires, ToDay's Top News,Global Business news .
16. Tech Trader Daily - Barron's Online : Electronic Arts Extends Take-Two Bid, Trims Offer Price
17. EA lowers offer for 'Grand Theft Auto' publisher Take-Two, extends deadline - East Bay Business Times:
18. The Associated Press: Take-Two shareholders approve incentive package
19. Investor Sues Take-Two Over EA Bid : Next Generation - Interactive Entertainment Today, Video Game and Industry News - Home of Edge Online
20. The Escapist : News : Take-Two Sued Over EA Shenanigans
21. Take-Two Gains Upper Hand | Software | ATVI ERTS TTWO - TheStreet.com
22. Electronic Arts gets second information request from FTC
23. UPDATE 4-EA extends Take-Two bid; 8 pct of shares accepted | Deals | Mergers & Acquisitions | Reuters
24. Buyout target Take-Two set for odd annual meeting | Special Coverage | Reuters
25. Take-Two shareholders approve board, pay package | Markets | Markets News | Reuters
26. Electronic Arts extends Take-Two acquisition deadline - Forbes.com
27. Bloomberg.com: U.S.
28. EA extends, lowers Take-Two offer - PlayStation 3 News at GameSpot
29. Take Two doth protest too much: EA shrugs, lowers offer
30. Take-Two reiterates EA rejection at annual meeting - PlayStation 3 News at GameSpot
31. Take-Two Rejects Lowered Takeover Bid from Electronic Arts | Digital Media Wire
32. The Associated Press: EA extends deadline for $2 billion Take-Two tender offer
33. EA Gives Take-Two More Time to Consider Offer
34. Electronic Arts' bid to acquire Take-Two gets closer scrutiny - Los Angeles Times
35. EA Extends Deadline for Take-Two Bid, $2 Billion Deal - International Business Times -
36. EA says Take-Two bid extension due to regulators | Industries | Technology, Media & Telecommunications | Reuters
37. FTC wants more time to examine EA $2B purchase of Take-Two Software - East Bay Business Times:
38. Electronic Arts Lowers Take-Two Bid While Extending Offer | April 20, 2008 | AHN
39. BetaNews | EA extends the expiration for its Take-Two buyout offer
40. Electronic Arts extends Take-Two deadline
41. Electronic Arts Extends $2 Billion Take-Two Offer
42. No Take-Two for You, Electronic Arts
43. Take-Two rebuffs latest offer from EA | Tech news blog - CNET News.com
44. TG Daily - Electronic Arts extends Take-Two purchase offer
45. Take-Two Interactive shareholders should take Electronic Arts offer - BloggingStocks
46. Gold! Grand Theft Auto IV 'en route to retailers' | Xbox 360 News | GamePro.com
GENERATE A MULTI-SOURCE SUMMARY ON THIS SUBJECT:
Please WAIT 10-20 sec for the new window to open...
You might want to EDIT the default search query below:
Get more info on Electronic Arts Extends Take-Two Offer, Lowers Price (Update3) by using the iResearch Reporter tool from Power Text Solutions.
 |
|  |
|
