BREAKING: EA Extends Take-Two Takeover Deadline

May 19, 2008 -

In a move that will surprise almost no one, Electronic Arts (ERTS) has just issued a press release announcing a 30-day extension of its May 16th deadline to purchase outstanding shares of acquisition target Take-Two Interactive (TTWO). The new deadline will expire at 11:59 p.m. on June 16th.

The most noteworthy point in EA's press release is that the offer price has not changed. There had been speculation that EA would sweeten the numbers, but that hasn't happened - at least, not yet. The announcement quotes Senior VP Owen Mahoney:

Extending our offer will allow the FTC review process to continue. 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.

EA reports that, as of last Friday, it had acquired 6.2 million shares of T2. With about 77m shares of T2 outstanding, EA would need to acquire roughly another 33m shares to acquire a majority position.


Comments

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I'm all for freedom of ttnet vitamin speech and allowing rent a car game makers to put whatever they want in games, but there's one thing about this app that has me scratching my head.  Correct me if I'm wrong, but from araç kiralama the previous article araba kiralama on this I gathered that players can use Google maps in-game to find the other (real-life?) dealers in their area.  If this is the case, has travesti anyone considered what's stopping someone from using this app to actually move drugs between hands for reals?

But majority araba kiralama of their outrage araç kiralama stems from what it could DO TO children, not the content itself.  Talk to one of these people and you'll find they don't think any books kiralık araba should be banned from children.  Mention American Psycho and they talk about kiralık araç the redeeming value of using imagination to construct a story.  Reading, no matter what the content, is largely viewed as a consequenceless activity for people of any age.  The reason why I mention American Psycho is because of the content itself.  Gaming never has and likely never will have any scenes where someone has sex with a severed head.  Not gonna happen.  Yet despite this, they'll fight tooth and nail to protect their children from two boys kissing in Bully but whatever they read is harmless... yeah.

The entire arguement is kiralık oto based upon a social normality inflicted by luddites who can't figure out the controls for Halo so it's frightening and terrifying and obviously the cause of youth violence on the rise even though, in reality, it's in decline (which is actually a HUGE suprise given minibüs kiralama the economies status).  In  a perfect world, we would have parents that actually parent.  The idea of sales restrictions on media on oto kiralama any form to accomidate parental unwillingness to get involved with their child's life is the real problem to me.  Here I am, 32 years old, and being held up at a self-scan rent a car needing to show ID before I can buy a $10 M rated game all because Soccer Momthra can't be bothered to look at the crap Billy Genericallystupidson does in his free time.  It's too hard for her, so I have to suffer?

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I'm all for freedom of ttnet vitamin speech and allowing rent a car game makers to put whatever they want in games, but there's one thing about this app that has me scratching my head.  Correct me if I'm wrong, but from araç kiralama the previous article araba kiralama on this I gathered that players can use Google maps in-game to find the other (real-life?) dealers in their area.  If this is the case, has travesti anyone considered what's stopping someone from using this app to actually move drugs between hands for reals?

But majority araba kiralama of their outrage araç kiralama stems from what it could DO TO children, not the content itself.  Talk to one of these people and you'll find they don't think any books kiralık araba should be banned from children.  Mention American Psycho and they talk about kiralık araç the redeeming value of using imagination to construct a story.  Reading, no matter what the content, is largely viewed as a consequenceless activity for people of any age.  The reason why I mention American Psycho is because of the content itself.  Gaming never has and likely never will have any scenes where someone has sex with a severed head.  Not gonna happen.  Yet despite this, they'll fight tooth and nail to protect their children from two boys kissing in Bully but whatever they read is harmless... yeah.

The entire arguement is kiralık oto based upon a social normality inflicted by luddites who can't figure out the controls for Halo so it's frightening and terrifying and obviously the cause of youth violence on the rise even though, in reality, it's in decline (which is actually a HUGE suprise given minibüs kiralama the economies status).  In  a perfect world, we would have parents that actually parent.  The idea of sales restrictions on media on oto kiralama any form to accomidate parental unwillingness to get involved with their child's life is the real problem to me.  Here I am, 32 years old, and being held up at a self-scan rent a car needing to show ID before I can buy a $10 M rated game all because Soccer Momthra can't be bothered to look at the crap Billy Genericallystupidson does in his free time.  It's too hard for her, so I have to suffer?

Re: BREAKING: EA Extends Take-Two Takeover Deadline

It's almost a half a year now and they still have not givin up.  Desperation is not going to win anybody over to EA's side unles they have a gun to their head.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Conflict of interest? No. Enlightened ownership is what it\'s called. I wouldn\'t expect either you or Strauss Zelnick to understand the concept. Jack Thompson

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I am taking this as a response to my comment.

I understand alright. The whole, "Keep your friends close, but your enemies closer" thing.

I just find it funny that you never used that leverage at all. You always claimed to be going to share holder meetings, but never did. So what was the true purpose of holding onto that stock?

E. Zachary Knight
www.editorialgames.com

 

Re: BREAKING: EA Extends Take-Two Takeover Deadline

How long until EA breaks a few antitrust laws?

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Does anyone know what the regulatory bodies have been thinking about this deal? Is there any hint that they will reject the takeover? Why does this remind me so much of the old G4-TechTV hostile takeover awhile ago? I hope it doesn't end just as badly.

---- There is a limit for both politicians against video games, and video games against politicians.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Anybody down for some Grand Theft Auto 5: Spring Edition? Just make sure you preorder your copies of GTA5: Summer Edition, Fall Edition, and the GTA5.1: Winter Edition Trilogy Set. All games will be available in both a standard and special edition.

Just what does the special edition have that the standard edition doesn't? Well, each special edition comes with a visit from EA's very own local tatoo artist who will etch a unique barcode onto your forehead. In addition, EA is also including the new E-Reader/Barcode scanning device so that we can track all of your activities, not just in-game stuff anymore! How will this improve your entertainment experience? We don't know, and we could really care less. Let's not forget that each special edition comes with a neato cardboard slipcover. The slipcover may not actually match the game that you're buying but we're EA, STFU. Ignore Take-Two's slipcover that came with the standard version of Bioshock, they don't know a damn thing about good games and the special relationship between slipcovers and special editions.

On a more serious note, I can actually see this happening should EA continue to acquire stock in T2 and it's quite frightening. It's not just the uncontrolled absorption, but the way I believe EA is beginning to affect other publishers into pulling the same stunt. Just look at Ubisoft who appears to be following EA's quick release model (Prince of Persia series, Splinter Cell series, Rainbow Six series). Sure they're are a lot of great games, but the flow of garbage has increased significantly.

 

 

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Oh please. We all know why EA's so desperate. Take Two is the only obstacle that stands between them and total sports domination.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I don't want this merger to happen just like everyone else. If R* doesn't walk because of the merger, I'm pretty sure that EA won't try to censor content in any of their games, especially GTA. If EA does try to take any creative control they would just be shooting themselves in the foot and risk loosing R*, as well as the many fans of R*. Like Me.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

You seem to imply that EA will take over T2 though. It sure seems to me that no one is going for this deal, I think we're safe here, for now

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Last year I had taken a class for my job and the teacher was telling us about how EA invites all of the families of the local emergency services (911,police,fire,and ambulance) to their corporate office for a giant picnic.  Apparently they give the children free games if they have good grades in school.  I thought this was a great thing of them to do and it gained a lot of respect from me for EA when I heard about it.  Crap like this though really makes it hard to continue to respect this company. 

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Ah, EA's going for the announcement that it will extend the deadline for beating a dead horse!

*sigh* So when are the EA stockholders going to rise up as one and throw their chairmen out on their kiesters for dragging this on and on and on?

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I almost respect EA for their sheer persistence. The fact that they're stupid enough to keep extending the deadline every time it passes cancels that out.

You'd think it'd be clear by now that neither Take Two, nor it's investors are willing to be bought out for such a low price. They've got a good thing going for them, new management is getting things turned around, and it's unlikely things will take a down turn in the near future.

The bottom line is that they aren't interested in a merger, or in being bought out for an undervaled price. EA's reputation for ruining game franchises doesn't help them either. Sure we hate it as gamers, but think about it from an investor's standpoint. EA has a history of buying game studio's with popular franchises, forcing them to put out low quality game of those franchises, then closing the studios and firing any remaining employees when the game produced from EA's mismanagement fails, and killing the franchise. Does that sound like the sort of thing any investor you know of would want much of a part of?

Re: BREAKING: EA Extends Take-Two Takeover Deadline

@EA

predictable

 

@Take 2

continnue farting in their general direction.

EA, even if they do produce some great games, they ruined some old franchise.. CnC3, EA... My i've got my mammoth Mk II aimed at you!

Re: BREAKING: EA Extends Take-Two Takeover Deadline

The stock is overpriced. I sold mine. Jack Thompson

Re: Cracked Thompson

So I guess that makes you 25 dollars richer!

 

That would make this your biggest win to date!

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I find it hard to believe that you really owned Take-Two stock? If so, why not attend the stock holder meeting you claimed to attend a while back? We know better to believe anything you say JT.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

So you just made the most money you ever will off of your crusade to destroy them?

-kurisu7885

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Was that before or after you sold your soul?

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Are you sure it wasn't the conflict of interest? I mean, come on. You owned stock in the very company you are trying to destroy.

E. Zachary Knight
www.editorialgames.com

 

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Conflict of interest? No. Enlightened ownership is what it\'s called. I wouldn\'t expect either you or Strauss Zelnick to understand the concept. Jack Thompson

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I am taking this as a response to my comment.

I understand alright. The whole, "Keep your friends close, but your enemies closer" thing.

I just find it funny that you never used that leverage at all. You always claimed to be going to share holder meetings, but never did. So what was the true purpose of holding onto that stock?

PS: Sorry For the Double Post. Had to add it with John Bruce's double post. For consistancy's sake.

PSS: Also, might I add, you have also bout all their games, and have attempted to get pre release copies of them as well. Sounds like someone is a closet fan.

E. Zachary Knight
www.editorialgames.com

 

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I call dupe.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

At least he figured out what the 'your name' box is for...

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Very good... have you figured out what 'dupe' call is for?

Hint: It's probably Shadowman again

Re: BREAKING: EA Extends Take-Two Takeover Deadline

EA please give it up

 

Re: BREAKING: EA Extends Take-Two Takeover Deadline

EA will have TT no matter what- they are determined to own a huge amount of the industry.

The only problem will be the massive exodus of R* talent after the takeover.

Expect GTA5 to be made by Pandemic or some other internal studio...

Are they incredibly retarded, or incredibly high?

Oh for fuck sake, they have no idea what the fuck they are doing, do they? Now they're just effing around and wasting time.

 

-GRIZZAM PRIME(c)is property of the U.S. Marine Corp. Wetworks Dept., and also The Incredible Hulk-GRIZZAM PRIME is not to be associated with GRIZZAM 512 or any other GRIZZAM entity under penalty of law, so sayith ZARATHOS.

Reality/////////////////////////////////////Fantasy. Seems like a pretty thick line to me...

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Re: BREAKING: EA Extends Take-Two Takeover Deadline

I seriously fucking HATE EA.

 

LEAVE T2 ALONE!

Re: BREAKING: EA Extends Take-Two Takeover Deadline

"We want to buy you out. We're giving you until the end of March to decide if you want to do it."

"Ok, so now, because we're generous, we're going to give you until the middle of April."

"Ok, so... we're being real compassionate here for your situation, so.... the end of April."

"Alright, alright... final chance, middle of May."

"You're driving a hard bargain, we're going to extend until the middle of June."

et. al.

At some point, you think they'd just say:

"Just so you know, the offer is still on the table. If you decide to ever accept it, we're waiting here with baited breath. Signed, EA (P.S.: We have punch and pie)"

 

 

"I'm not responcabel fer my comuter's spleling errnors." -- Xlorep DarkHelm

"I'm stel not responcabel fer my comuter's spleling errnors." -- Xlorep DarkHelm

And we mean it this time!

Take Two called EA's bluff twice. It's hilarious.

Anyway, Take Two is as good as taken already. The price is still hovering around the buyout offer levels, and EA's got the $1B secured loan. Take Two is done. It's just a matter of time.

Re: And we mean it this time!

That's what analysts like Hackter kept saying about their first attempt when they couldn't even get 15% of the shares they needed and they were wrong yet again.  Take-Two doesn't want to be sold and neither do the majority of its shareholders.  And with GTA4 breaking even their own very high revenue expectations, I don't blame them.  It's quite possible that EA's offer won't ultimately be enough.  I think by perpetually extending their offer like this, EA is looking foolish and much like Microsoft with Yahoo, they need to learn to admit when they're defeated and bow out gracefully.  Don't forget, the FTC is also investigating possible monopoly concerns over this deal as EA would basically own sports gaming in its entirety.  This deal is far from done or guaranteed.  Don't believe analysts.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

EA Fuck off already you monopolistic pricks!

We don't want you clowns buying out another good company and ruining of all it's good franchises.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

For fucks sake. When will EA just give this up? You would think that they'd gotten the hint and just abandon any thoughts of a take over last Friday. It's been months since this thing started and they're not close at all to reaching their goal. I don't understand why they just don't spend all this time and money trying to improve upon their OWN stable of games. Seriously.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Ah, but they wouldn't be EA if they actually consentrated on making better games instead of trying to buy out every source of competition under the sun.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Offering less than current market price? Cunning strategy

Re: BREAKING: EA Extends Take-Two Takeover Deadline

To be fair, the current market price is in large part because of EA's offer.  It's only gone up a dollar since the bid.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Actually, it's in large part due to GTA 4. When EA first made the offer days and days ago, the stock went up, then back down again. It went back up in recent days after the release of their A-list title.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

This will never end....

Re: BREAKING: EA Extends Take-Two Takeover Deadline

T2 currently trading at $27.10, which is just south of its lifetime high.  Zelnick is playing this one nicely so far.  The big concern is EA's 6.2 mil shares.  That means they've pretty much gone hostile, even though they have nowhere near enough capital to do it.

Re: BREAKING: EA Extends Take-Two Takeover Deadline

Which is likely why EA is charging the ridiculous sum of $20 for a Sims furniture pack download.

 

Andrew Eisen

 

 
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