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…"

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