Take-Two Rejects EA...Again
Well, looks like EA is going to have to head back to the drawing board if they intend to purchase Take-Two Interactive. Flying in the face of most every analyst prediction, the Grand Theft Auto publisher has once again refused EA's offer.
According to MarketWatch, Take-Two's Board of Directors have officially announced that it has "thoroughly reviewed Electronic Arts Inc.'s unsolicited conditional tender offer with the assistance of its financial and legal advisors and unanimously determined that the $26.00 per share cash offer is inadequate in multiple respects and contrary to the best interests of Take-Two's stockholders." Whew, that's quite the mouthful! But that statement says it all, and there doesn't seem to be any leeway in their decision. In addition, Take-Two has advised its shareholders not to tender any of their shares to EA, and the board is unanimous in this, as put forth by the Schedule 14D-9 they filed yesterday with the Securities and Exchange Commission.
If you want to see more of the technical jargon, check out the full information here. It seems Take-Two is looking for alternative answers to their situation, but we get the feeling EA isn't going away that easily...
3/26/2008 Ben Dutka