Take-Two Rebuffs EA
Interactive Software Board Rejects Electronic Arts' Offer as Inadequate has
the latest news in EA's attempted hostile takeover of Take-Two. The board is
recommending to shareholders that EA's $26/share offer be rejected, but of
course, if they didn't it would not be a hostile takeover. The board also
adopted a number of measures, some of which are presumably related to this
proposed deal. Here's a bit on their plans going forward:The Board also
confirmed that it will explore alternatives to maximize value for stockholders,
which may include a business combination with third parties or with EA,
remaining independent, or other strategic or financial alternatives that could
deliver higher stockholder value than the current EA offer. The Board has
commenced a process for considering strategic alternatives in order to be
prepared to engage in discussions with any parties, including EA, interested in
a strategic business combination following Take-Two’s release of Grand Theft
Auto IV, scheduled for April 29, 2008.
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