Take-Two Disses EA’s Latest Deadline Extension

Take-Two Interactive is urging stockholders to reject today’s extension by EA of its deadline to tender T2 shares at the $25.74 offering price.

Of the extension, Take Two chairman Strauss Zelnick said:

This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two’s stockholders. As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged…

Take Two CEO Ben Feder added:

EA’s highly conditional offer fails to compensate our stockholders for our exceptional portfolio of intellectual property… In the last several weeks, our strategy and Take-Two’s value have been vividly demonstrated by… The record-breaking sales performance of Grand Theft Auto IV… We have also just announced an agreement with Universal Pictures to make BioShock, the universally acclaimed hit video game, into a feature film… EA’s proposal undervalues our Company.

GP: The operative phrase around T2 HQ seems to be "highly conditional…"

Tweet about this on TwitterShare on FacebookShare on Google+Share on RedditEmail this to someone


  1. 0
    Freyar says:

    Not much to add here, we just sit, watch, and wait for EA to either win as Darth Vader, or to see Take Two to survive as one of the last remaining Jedi. (LucasArts is gonna sue me.)

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

  2. 0
    x(wai)x ( User Karma: 0 ) says:

    To me those comments read as close to spitting in EA’s face as they can get and still sound professional. Good to see.

  3. 0
    Gabriel Celesta says:

    Well said, Zelnick. Well said, Feder.

    Now, I’ve said something like this before, and I’ll say it now: What if Paul Eibeler were still Take-Two CEO? Would he have decided the same way Zelnick did?

Leave a Reply