Super mega-huge publisher EA has announced a third extension of its tender offer for all outstanding shares of common Take-Two stock, pushing the previous deadline, which quietly passed by last Friday without so much as a hello, to 11:59PM EST on June 16, 2008. EA notes that as of 5:00PM EST on May 16, 2008, "approximately 6,210,261 shares of Take-Two had been tendered in and not withdrawn from the tender offer." In Take-Two's response, the publisher noted that said shares amount to 8% of the total.
The reason given for the latest extension seems to have less to do with virtuous patience and more to do with those pesky US Federal Trade Commission guys snooping around. "Extending our offer will allow the FTC review process to continue," said Owen Mahoney, Senior Vice President of EA Corporate Development, who added that the $25.74-per-share offer remained unchanged. The FTC sent EA a second request for information regarding the proposed takeover back in April.
Take-Two's Chairman of the Board, Strauss Zelnick, reiterated that the offer was inadequate and continued to advise stockholders to hold on while buyout discussions with "interested parties" continue.
Read -- EA announcement
Read -- Take-Two's response