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shares had been tendered and not withdrawn from the tender offer.
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