Marketwatch columnist Herb Greenberg, often criticial of Take Two in the past, takes a cynical view of the Grand Theft Auto publisher’s rejection of EA’s acquisition offer:
Take-Two received a rich and serious offer from a substantial company. It didn’t disclose the offer, and hoped to keep it secret until at least after the annual meeting, when investors might have challenged the compensation package and attempts by the company to block the deal.
Then, in a public filing, Take-Two in effect threatened EA not to make the offer public by giving ZelnickMedia a chance to enrich itself, at the expense of shareholders, by granting restricted stock that will vest immediately if EA made the deal public…
That’s beyond absurd. Makes you wonder which shareholders the company puts first.
GP: A source at Take Two termed Greenberg’s theory as “drivel.”