Take-Two: EA offer still "inadequate"

Take-Two has responded to EA's extension of its offer, saying it's inadequate and contrary to the best interests of Take-Two's stockholders.

Strauss Zelnick, chairman of the board of Take-Two, said, "This is the same highly conditional proposal that EA offered Take-Two stockholders on March 13, 2008, which our Board of Directors thoroughly reviewed and unanimously determined to be inadequate and contrary to the best interests of Take-Two's stockholders.

"As such, the recommendation of our Board of Directors that stockholders not tender their shares to EA remains unchanged. The Board is committed to maximizing stockholder value and is exploring all strategic alternatives to do so. 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.

"We are confident in the significant growth potential of Take-Two and in the unique value of our business given our strong position in this growing and dynamic industry."

Ben Feder, Take-Two's CEO, added, "EA's highly conditional offer fails to compensate our stockholders for our exceptional portfolio of intellectual property, world-class creative resources, and our successful revitalization initiatives. In the last several weeks, our strategy and Take-Two's value have been vividly demonstrated by two notable events.

"The record-breaking sales performance of Grand Theft Auto IV in its first week of release confirmed its status as the most successful video game launch of all time and as a blockbuster on par with any entertainment product ever released.

"We have also just announced an agreement with Universal Pictures to make BioShock, the universally acclaimed hit video game, into a feature film, demonstrating how Take-Two is delivering value from our powerful and wholly-owned intellectual property. The small number of shares tendered into EA's offer to date demonstrates that our stockholders agree with what our Board has maintained from the beginning: EA's proposal undervalues our Company."

Translation: Pay up, EA. P.S. Strong letter to follow.

Courtesy of CVG.

May 19, 2008

CATEGORIES
Latest in Bioshock
Screenshot from Twisted Tower, showing a first-person view of a 'Real Boy Station' vending machine with a freaky clown doll by its side.
OG BioShock director recommends one very BioShock-y Steam Next Fest game that already has 500 "very positive" reviews
BioShock
BioShock's Ken Levine calls his most iconic FPS "a very, very long corridor," but his next game Judas is "made very, very differently"
BioShock Infinite box art
Rumored BioShock 4 screenshot shows off some new powers and a very punchy-looking shotgun
BioShock
Ken Levine says BioShock nearly went nowhere and was almost canceled: "We can't make those games because they don't sell"
Bioshock Infinite
Over 4 years since its announcement, BioShock 4 studio is "ramping up" as dev teases its "really awesome project"
BioShock Infinite
BioShock Infinite dev's advice to NSFW fan artists "would have been so much hornier" in 2023
Latest in News
a titanium watch with grey and orange features on the arms and face
You can look like Solid Snake with this Death Stranding 2 watch, but it'll cost you over $1,500
Monster Hunter Wilds trailer screenshot showing a young woman with long blonde hair tied back into a ponytail smiling slightly, pumping her left fist in the air
Monster Hunter Wilds' Gemma actor requests "tips for beginners" from fans of Capcom's action RPG as it's the "first MH game that I've ever played"
Doom: The Dark Ages screenshot
Doom director claims The Dark Ages can be beaten without using a gun, but "the game's not necessarily built to do that"
Giancarlo Esposito in The Electric State
The Electric State may be the Russo brothers' most challenging VFX project yet, but stars Stanley Tucci and Giancarlo Esposito say it's one of the easiest films they’ve ever done
The Last of Us season 2 trailer shows spores
The Last of Us season 2 is bringing in one of the biggest game omissions from season 1 – and the showrunners say it's for a "good reason"
Chris Cocks with a transformer grimmacing behind him
Hasbro CEO, D&D DM, and self-professed "AI bull" Chris Cocks says AI is "supercharging fandom" which is "just net good for the brand"