T2 Buyout Offer Extended Again

Song that Never Ends Has a New Verse

Electronic Arts quietly extended its buyout offer of Take Two Interactive again.  This time, most in the industry saw the move coming, noting that EA agreed with the Federal Trade Commission not to do anything in terms of a takeover until at least August 21st.

That said, the new deadline is August 18th, prompting many to think another extension will occur.

The terms are the same.  EA is offering $25.74 a share to Take Two to acquire the company.  T2 board chairman Strauss Zelnick commented on the extension that the company is in talks with several possible suitors that “have potential to deliver greater value than EA’s inadequate offer.”

Electronic Arts stock closed slightly lower on Wall Street today, while Take Two stock closed over three quarters of a percent at $24.84 a share–still 90 cents lower than EA’s offer.