Financial website The Motley Fool mocks Electronic Arts today.
Rick Aristotle Munarriz delivers the slap in a column recounting EA’s seemingly endless campaign to acquire Grand Theft Auto publicher Take-Two Interactive:
What if you threw a wedding and nobody came? That’s becoming the embarrassing reality… EA’s latest tender offer to buy the Grand Theft Auto IV software hotshot expired on Monday, so what did EA do? It repeated the offer. Again.
For those scoring at home, this is the third time that EA has seen its tender offer… expire sorely undersubscribed. It gets worse with every passing month. EA had 6.4 million shares — or less than 8% of the outstanding shares — submitted during the first tender. EA now has just 6.1 million shares on board.
EA needs to step up and either raise its bid, dare Take-Two to seek out a better deal elsewhere, or just walk away. Anything else is just delusional.