Take-Two Considers "Interested Parties," Decides To Fly Solo
Well, after all that, Take-Two Interactive has decided they're simply better off flying solo.
Not long after Electronic Arts withdrew their buyout bid, Take-Two met with "various interested parties" to consider selling to another company, but according to the GTA publisher's official site, they're done talking. Despite the slumping stock as a result of EA's pullout, Take-Two believes it's in the stockholders' best interests to keep the company independent. CEO Ben Feder reminds us that they have "15 wholly owned brands" on their side, along with "an undrawn $140 million" to utilize if necessary. As for Chairman Strauss Zelnick, he had this to say in conclusion of the events:
"Take-Two's Board of Directors and management have a clear mandate from stockholders to maximize value. We are strongly positioned creatively, financially and competitively to benefit from the opportunities we see in the fastest growing segment of the entertainment industry. Our management and outstanding and talented employees have maintained an unwavering focus on our products and our business through this lengthy strategic review process and we are confident in our prospects. We remain focused on maximizing value for stockholders and are executing on our business strategies in a determined manner."
Okay, so that's just about it. EA isn't getting Take-Two, and at this time, nobody else is, either. Most gamers will probably see this as good news, although the stockholders may disagree for the time being. But given Take-Two's history and their ability to publish hot titles, we figure they're gonna be around for a very long time. And that, no matter how you look at it, really is good news.
10/2/2008 John Shepard