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EA Drops Hostile Bid for Take-Two but a Friendly Deal Could be Imminent
Electronic Arts Inc. (ERTS) dropped its $2 billion hostile takeover of video game publisher Take-Two Interactive Software Inc. (TTWO) yesterday (Monday), but the two companies have entered into private discussions that may finally result in a friendly merger.
Relations between the two companies began to thaw Friday, when Electronic Arts Chief Executive Officer John Riccitiello placed a call Take-Two Chairman Strauss Zelnick. After a weekend of discussions, EA announced that after six months, it would not extend the deadline for its hostile takeover bid.
EA said yesterday that its $25.74 a share offer was contingent on being able to distribute…
19Aug2008 | Money Morning | 1 comment | ContinuedTake-Two Banks on Gruesome “Grand Theft Auto†Sales in Fending Off EA Bid
The jury is still out on whether or not Take-Two Interactive Software Inc.’s (TTWO) “Grand Theft Auto IV” has met analysts’ expectations in outselling Microsoft Corp.’s (MSFT) marquee “Halo 3,” a game that set sales records last September.
But if “GTA4” does meet with the commercial and critical success that’s been so highly anticipated, it could significantly shift the balance of power in takeover discussions, or a lack thereof, between Take Two and rival Electronic Arts Inc. (ERTS).
EA, owner of the ever-popular “Madden NFL” and “The Sims” franchises, originally made a $2 billion (or $26 per share) offer for Take-Two, a…
1May2008 | Money Morning | Comments Off | Continued
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