Take-Two Tells Shareholders to Reject EA Bid - Gameworld Network news story

Take-Two Tells Shareholders to Reject EA Bid

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Take-Two Chairman Strauss Zelnick says EA's trying to grab the company with a lowball offer designed to snatch up Grand Theft Auto IV profits.

Take-Two Interactive, as anticipated, has asked its shareholders to reject EA's $26 a share offer. Take-Two Chairman Strauss Zelnick said EA's offer is a serious undervalue, especially considering the April 29 release of Grand Theft Auto IV.

The sequel in one of gaming's most influential franchises will make millions for Take-Two and EA's conveniently timed bid would get in them the door just in time to reap those profits. EA has already made the bid hostile and Take-Two has reportedly made "poison pill" provisions to make it harder to take over.

Zelnick said Take-Two is not a "one-trick pony" solely reliant on GTA for its success. The chair said other bidders are interested in Take-Two but said "no substantive discussions have yet occurred." If EA is eventually able to make this happen, it would be the merger of the year, if not the decade in this industry.

Mar 28, 2008

News by Brian Allen.

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