Take-Two snubs newly revised EA offer
After Electronic Arts lowered its offer to acquire Take-Two from its original offer $26 per share to $25.74, Take-Two still has rejected the offer.
“[EA's proposal] undervalued the company at $26 per share, and it certainly undervalues Take-Two at $25.74,” chairman Strauss Zelnick, said in a statement Friday following the revised offer.
The hostile bid for the Grand Theft Auto publisher has so far granted EA with just over 6.4 million shares, or 8.3 percent of Take-Two’s total shares as of market close Thursday.
Zelnick added, “The minuscule number of shares tendered, as well as the strong vote in favor of the proposals presented at our annual meeting, offer indisputable evidence that our stockholders regard our efforts to enhance Take-Two’s stockholder value as superior to the EA offer.”
Zelnick said that the offer “fails to compensate stockholders” the talent, properties and revitalization initiatives at Take-Two.
EA issued the new offer following Take-Two’s shareholder meeting Thursday evening in New York, when investors approved amendments to the company’s stock incentive plan.
He reiterated that Take-Two has “received expressions of interest from a number of interested parties.” The company plans to enter such discussions following the April 29 launch of Grand Theft Auto IV.
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