EA Extends Bid for Take-Two, Which Again Says "No"
Electronic Arts (ERTS) this morning extended its offer for Take-Two Interactive (TTWO) to July 18. EA continues to offer $25.74 a share in cash.
Take-Two issued a statement today in which it once again rejected the Electronic Arts bid.
“The latest extension of EA’s unsolicited, highly conditional tender offer does not alter the fact that their proposal still significantly undervalues Take-Two, a fact that is reflected in the overwhelming number of stockholders who still have not tendered their shares,” Take-Two Chairman Strauss Zelnick said in a statement. He also said that the Take-Two board “remains focused on the strategic process that began formally on April 30 to consider all alternatives to maximize value. We believe that these alternatives, which may include a business combination or remaining independent, will deliver greater value to stockholders than the current EA offer.”