EA's Take-Two Offer to Expire Tonight

Electronic Arts won't extend Take - Two deadline (thanks Neutronbeam) has
word that Electronic Arts will not renew its tender offer to Take-Two after it
expires at 11:59 pm tonight. It sounds like between now and then, a meeting will
take place where Take-Two will pitch for more cash one last time: EA said
Monday that if it does buy Take-Two, it no longer believes it can integrate the
smaller company in time for the crucial holiday season. And ''given the passage
of time,'' EA said it needed to review assumptions made to support its offer
price of $25.74 per share, or about $2 billion.

Take-Two shares fell $1.54, or 6.2 percent, to $23.30 in premarket trading.
Shares in EA fell 24 cents to $48 in premarket trading.

EA already has extended its deadline for the offer five times, mostly to let
regulators continue their antitrust review. The company said it would let the
offer expire at 11:59 p.m. EDT Monday, saying it ''remains confident that
antitrust issues will not prevent or delay a transaction.''

EA also said Monday it would entertain a financial presentation by Take-Two
under confidentiality agreements.

New York-based Take-Two has repeatedly rejected EA's offer as too low.
Take-Two's management said it would present EA with its three-year product
release schedule, financial projections and other nonpublic information meant to
support that claim.


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