EA extends deadline for Take-Two tender offer

Shaon published 18 Apr 2008, 22:33 in gamers - 231 views

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Electronic Arts said today it has extended its tender offer for shares of Take-Two Interactive Software until May 16, continuing its attempt to acquire the publisher of one of the video-game industry's most valuable products, the "Grand Theft Auto" series.

The Redwood City company's bid for Take-Two of New York City remains $2 billion. That represents $25.74 per share, diluted from $26 per share following a change in Take-Two's stock incentive plan that allows for the issuance of 1.5 million additional shares to Take-Two's management firm, ZelnickMedia.

That change was approved Thursday night at the annual Take-Two stockholders meeting.

In extending its offer, EA also disclosed the number of Take-Two shares it has been tendered so far - 6,432,787. Take-Two said that amounted to 8.3 percent of its total shares.

EA also repeated previous statements that the longer the potential acquisition of Take-Two is delayed, the greater the uncertainty about EA's ability to keep its offer alive at the $2 billion value or possibly any price.

But Take-Two Board Chairman Strauss Zelnick responded negatively.

News source: SiliconValley

Tags: EA, Deadline, Electronic Arts, Grand Theft Auto

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