EA is absolutely going apesh*t over Take-Two. In retaliation over Take-Two’s public rejection of EA, the software giant from Redwood Shores is fighting back. This whole scenario reminds me of your typical boy meets girl, boy comes on too strong, girl loses interest, boy plays with himself scenario. When boy, EA in this case, just needs to chill and act like a dick to girl, Take-Two, to keep her interested. instead of being the jackass who wants to hang out all the time and shower her with pleasantries. That just doesn’t work. EVER.
“The actions of the Take-Two Board may increase the risk for their stockholders by delaying a potential transaction,” said Owen Mahoney, Senior Vice President of Corporate Development at EA. “We continue to believe that our $26.00 per share offer price is full and fair, and that a transaction between Take-Two and EA is the most compelling combination financially, strategically and operationally for all parties.”
The following amendments were made to the initial offer.
— EA has added a condition to its offer requiring either (1)
that Take-Two’s Board of Directors redeem the preferred stock
purchase rights issued as a result of Take-Two’s adoption on
March 24, 2008 of the stockholder rights plan, or (2) that EA
be satisfied that such rights have been invalidated or are
otherwise inapplicable to its acquisition of Take-Two.
— EA has extended its tender offer for all of the common stock
of Take-Two until 11:59 p.m., New York City time on Wednesday,
April 18, 2008, unless further extended. The offer was
previously set to expire at midnight, New York City time, on
April 11, 2008.