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17 Jun 2008
Electronic Arts has yet again extended the deadline for its takeover bid for rival Take-Two, this time to 18 July.
The last deadline expired at midnight on 16 June. This is the fifth time that EA has moved the expiration date, and Take-Two's board has flatly rejected the proposition at every turn.
The offer stands at $25.74 per share, valuing Take-Two at around $2bn. Take-Two shares currently sit at around $26.47, peaking recently at $27.65.
"Our offer price remains unchanged at $25.74 per share, which is a substantial premium to Take-Two's stock prior to our offer," said Owen Mahoney, senior vice president of EA Corporate Development.
"We congratulate Rockstar on the successful launch of GTA IV but believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation."
The deadline extension is to allow the Federal Trade Commission review process to continue.
EA reckons that on 16 June just over six million of Take-Two's 77.23 million shares had been tendered and not withdrawn from the tender offer.
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