EA amends Take-Two tender offer, extends deadline
Everybody's favorite forceful corporation courtship continues today, with EA announcing an amendment to its $26-per-share tender offer issued on March 13th to the stockholders of Grand Theft Auto publisher, Take-Two. A new condition appended to the offer requires either "that Take-Two's Board of Directors redeem the preferred stock purchase rights issued as a result of Take-Two's adoption on March 24, 2008 of the stockholder rights plan," or "that EA be satisfied that such rights have been invalidated or are otherwise inapplicable to its acquisition of Take-Two." The stockholder rights plan mentioned was instituted by Take-Two following its most recent snubbing of EA's offer.
EA also noted that it had extended said offer to 11:59PM New York City time on April 18th, 2008. The previous deadline was set for April 11th, though as of 5PM EST on Thursday, 27 March, "approximately 5,000 shares of Take-Two had been tendered in and not withdrawn from the tender offer."
"The actions of the Take-Two Board may increase the risk for their stockholders by delaying a potential transaction," said Owen Mahoney, EA's senior VP of corporate development, no doubt whilst tapping on his diamond-encrusted wristwatch. "We continue to believe that our $26.00 per share 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."
