Monday, July 21, 2008

EA, Take-Two Acquisition Deadline Extended

Electronic Arts has once again extended its deadline to acquire Take-Two Interactive, persuading the Take-Two stockholders to tender shares at $25.74. EA's former deadline was last week, July 18 (a day after E3), but now, they have decided that T2 has until August 18.

But it looks like EA is being elusive in the whole "take-over every company" scenario, as their press statement reads that the extension is simply for the FTC to continue their investigation about their offer: "Extending the tender offer allows the FTC review process to continue. The proposed transaction is still subject to certain conditions that include regulatory approval. EA retains the right to terminate the offer if the conditions are not satisfied."

Even though Take-Two's stock ($25.04 per) is currently below EA's offer, the company still distances itself away from the third-party software giant, stating that there are "multiple" parties interested: "We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA's inadequate offer. As part of this process, we continue to engage in meaningful discussions with multiple parties, a number of whom have been conducting due diligence."

Full story here: Gamepolitics: EA Extends Deadline For Take-Two Shares

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