Price Unchanged; Expires June 16
After a near 4% stock drop on Wall Street Friday, Electronic Arts once again announced it would extend its buyout of Take Two Interactive. TSSZ News was one of the first video game sites on the Web to break the news this morning.
EA now has set their “deadline” to midnight on June 16. That gives the company a whole month to explore its options and for the Federal Trade Commission to determine whether a buyout would be anti-competitive. The company’s offer has remained unchanged, at $25.74 a share.
Also noteworthy in this matter is that EA presently owns 6.2 million shares of T2 stock. They need about 39 million to retain a majority stake.
EA’s presser follows. We’ll analyze how this news has impacted both companies’ stocks later today, as the trading day has just begun in New York.
REDWOOD CITY, Calif.–(BUSINESS WIRE)–May 19, 2008–Electronic Arts Inc. (“EA”) (NASDAQ:ERTS) announced today that it has extended its tender offer for all of the currently outstanding shares of common stock (including the associated preferred stock purchase rights) of Take-Two Interactive Software Inc. (“Take-Two”) (NASDAQ:TTWO) to 11:59 p.m., New York City time, on Monday, June 16, 2008, unless further extended. The tender offer was previously set to expire at 11:59 p.m., New York City time, on May 16, 2008.
“Extending our offer will allow the FTC review process to continue,” said Owen Mahoney, Senior Vice President of EA Corporate Development. “EA’s offer price remains unchanged at $25.74 per share and our offer is still subject to conditions that include regulatory approval. As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied.”
As of 5:00 p.m., New York City time, on Friday, May 16, 2008, approximately 6,210,261 shares of Take-Two had been tendered in and not withdrawn from the tender offer.
Additional Information and Where to Find It
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities of Take-Two. The offer to purchase or solicitation of offers to sell is being made pursuant to a Tender Offer Statement on Schedule TO (including the Offer to Purchase, Letter of Transmittal and other related offer documents) filed by EA and EA08 Acquisition Corp. with the Securities and Exchange Commission, or SEC, on March 13, 2008. Before making any decision with respect to the offer, Take-Two stockholders are advised to read these documents, as they may be amended or supplemented from time to time, and any other documents relating to the tender offer that are filed with the SEC carefully and in their entirety because they contain important information, including the terms and conditions of the offer. These documents may be obtained at no charge by directing a request by mail to Georgeson, Inc., 199 Water Street, 26th Floor, New York, NY 10038, or by calling toll-free at (800) 213-0473, and may also be obtained at no charge at the website maintained by the SEC at http://www.sec.gov.
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