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Take-Two Responds to Electronic Arts' Tender Offer - No Way

Take-Two Interactive Software, Inc. today responded to Electronic Arts Inc.'s announcement that it is extending for a fourth time its unsolicited conditional tender offer to acquire all of Take-Two's outstanding shares. The Board of Directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the Board continues to recommend that stockholders not tender their shares to EA.

"The latest extension of EA's unsolicited, highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares," said Strauss Zelnick, Chairman of the Board of Take-Two. "Our Board of Directors remains in unanimous agreement that the proposal is contrary to the best interests of Take-Two stockholders, and the Board continues to recommend that stockholders not tender their shares to EA. The Board remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximize value. We believe that these alternatives, which may include a business combination or remaining independent, will deliver greater value to stockholders than the current EA offer."

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Posted by | Tue, Jun 17, 2008 - 10:22 AM