PS3 News: EA Extends Take-Two Deadline, "Formal Discussions" Will Begin - PS3 News

Members Login: Register | Why sign up? | Forgot Password?

EA Extends Take-Two Deadline, "Formal Discussions" Will Begin

If this keeps up, it'll be the longest-running business saga in video game history.

Last week, one analyst said we could expect to see some EA/Take-Two news today, and apparently this is it- according to GameSpot, EA has now extended its deadline for its takeover offer a third time. Their proposal to buy out Take-Two at $25.74/share, which expired on Friday, now has a new deadline of June 16. At this point, the "official reason" behind this move is so they can give the Federal Trade Commission time to finish their investigation into the deal. As far as the offer itself, EA's vice president of corporate development Owen Mahoney had this to say:

"EA's offer price remains unchanged at $25.74 per share and our offer is still subject to conditions that include regulatory approval. As stated earlier, we retain the right to terminate the offer if the conditions are not satisfied."

In response to this, Take-Two chairman Strauss Zelnick reaffirmed what we already knew, but it seems clear many sources were forgetting one major aspect of this saga: Take-Two never wanted to talk about this until after they had released Grand Theft Auto IV. And now that they have, "formal discussions" can begin. Here's Zelnick's comment:

"We said we were willing to begin formal discussions with interested parties on April 30, following the launch of Grand Theft Auto IV, and we have in fact begun that process."

Zelnick also says that EA isn't the only publisher interested in assuming control of Take-Two, although he has yet to name names. And finally, if you're wondering, GTAIV has caused Take-Two shares to rise to over $27/share. However, there has been fluctuation due to stockholders unsure of the company's future. As usual, we'll be bringing you more updates on the EA/Take-Two tug-of-war as they become available.

5/19/2008 Ben Dutka

Put this on your webpage or blog:
Email this to a friend
Follow PSX Extreme on Twitter

Share on Twitter Share on Facebook Share on Google Share on MySpace Share on Delicious Share on Digg Share on Google Buzz Share via E-Mail Share via Tumblr Share via Posterous

Comments (5 posts)

ThePoetRazel
Monday, May 19, 2008 @ 1:13:20 PM
Reply

Looks to me like EA is holding out their begging bowl while still wearing an expensive suit.

Agree with this comment 0 up, 0 down Disagree with this comment

dillonthebunny
Monday, May 19, 2008 @ 3:22:25 PM
Reply

this time next year... GTA will be in EA's pocket.
TT sharehlders will not hold out, i wish they would.. but they wont.

it upsets me, but its just change after all, i can adjust. i know i can.

i will have to :(

Agree with this comment 0 up, 0 down Disagree with this comment

Tatsujin
Monday, May 19, 2008 @ 5:04:47 PM

Well.. Buddy, a year is too long. If EA really wanted it and Take-Two kept refusing, then that is the only way it would drag for a year. If Take-Two would give up, it would be before a year, and if EA really wanted it, Take-Two would have to stick up for a year.

In short, a year is too long. Im not saying that EA will eventually buy Take-Two, we don't know, anything can happen.

Agree with this comment 0 up, 0 down Disagree with this comment

Advent Child
Monday, May 19, 2008 @ 3:40:07 PM
Reply

Hey Ben, what is the new deadline?

<i>Their proposal to buy out Take-Two at $25.74/share, which expired on Friday, now has a new deadline of May 16(as in the same as before?).</i>

Agree with this comment 0 up, 0 down Disagree with this comment

Ben Dutka PSXE [Administrator]
Monday, May 19, 2008 @ 6:08:31 PM

Sorry, typo. That's supposed to be June 16. It's changed now.

Agree with this comment 0 up, 0 down Disagree with this comment

Leave a Comment

Please login or register to leave a comment.

Our Poll

Did Advanced Warfare save Call of Duty?
Yes, CoD is back on track!
Possibly; it was a positive step.
The jury's still out...
No, CoD is still doomed.

Previous Poll Results