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Take-Two spent $11 million preventing EA takeover
Security and Exchange Commission filings by Take-Two reveal the publisher spent $11.1 million to keep Electronic Arts at bay during its seven-month-long takeover attempt. Gamespot reports that Take-Two incurred the costs during the "strategic review process" of the EA offer.For better or worse for investors, Take-Two won its battle against EA and remains independent. Although, investors can't be too happy to see the stock they could have gotten $25.74 for during the EA offer currently trading around $8 per share*.*In fairness, game stocks in general are down. Apparently something to do with an economic crisis.[Via GameDaily]
EA extends Take-Two offer to July 18
CAST LIST:Lloyd Dobler - EADiane Court - Take-Two DIANE: Just go home, Lloyd!LLOYD: I can't! I've been standing out here with this boom box over my head since March 13!DIANE: And you look ridiculous. The batteries died in mid-April, which is ironically when you first told me you would give up if I didn't come out.LLOYD: Right, but then--DIANE: Oh, I remember Lloyd. Then you said "I'm only going to wait out here until April 18th, then I'm gone!" and then, do you remember what happened on April 18th Lloyd?LLOYD: ... I told you I was only going to wait until May 16, then I was gone ...DIANE: Right, and on May 16?LLOYD: ... I told you June 16.DIANE: Exactly. Well, Lloyd, that was last night, so what are you still doing here?LLOYD: OK, I've thought this through, and I'm only going to give you until July 18 and then --DIANE: Let me guess, you're gone.LLOYD: ...Yeah.DIANE: [slams window]LLOYD: Hey, can you bring me out some ice for my arms?[Update: Diane just responded, and she still ain't coming out.]
EA extends Take-Two purchase offer deadline a third time
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notes that as of 5:00PM EST on May 16, 2008, "approximately 6,210,261 shares of Take-Two had been tendered in and not withdrawn from the tender offer."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 announcementRead -- Take-Two's response
