EA extends Take-Two tender offer deadline (again)
EA has once again extended its tender offer for all outstanding shares of common Take-Two stock, pushing its previous deadline (which was to expire this evening) to 11:59PM EDT on May 16, 2008. The persistent publisher has also amended its $26-per-share offer, down to $25.74 per share after taking into consideration "additional shares to be issued to Zelnick Media" following a change in Take-Two's incentive stock plan.
During yesterday's annual Take-Two stockholder meeting, chairman of the board, Strauss Zelnick, reiterated the "inadequate" nature of the offer, expressing that the company was worth more than $26 per share. "It just doesn't stack up," he said. EA, on the other hand, continues to insist "the offer price is full and fair," noting that as of 5:00PM EDT on April 17, 2008, 6,432,787 shares of Take-Two had been tendered in and not withdrawn from the tender offer.
What happens next? Who will make the next move? And just what is the FTC up to? Tune in next time for the not-at-all riveting continuation of: The Young & the Purchasable.
