New line in the sand drawn at 18 July, unless moved again
vnunet.com, 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.
We believe our offer reflects a full and fair price based on the long-term value of Take-Two's entire operation
Owen Mahoney EA
EA reckons that on 16 June just over six million of Take-Two's 77.23 million shares had been tendered and not withdrawn from the tender offer.
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