Refusing to go gentle into that good night, Electronic Arts today extended its tender offer for Take-Two by one week. The new closing date for the offer, April 18th, is one day after Take-Two's annual shareholder meeting.
Take-Two rejected EA's offer earlier this week, calling it the "wrong price" at the "wrong time." The company also adopted a "poison pill," a Stockholders Rights Agreement meant to disrupt EA's attempt at a hostile takeover.
EA has added a condition to the offer requiring that Take-Two's board either redeem the preferred stock purchase right as a result of its newly-adopted shareholder rights plan, or that EA be satisfied that such rights have been invalidated or are inapplicable.
Though Take-Two's Strauss Zelnick has repeatedly said that EA's offer of $26 per share is insufficient in light of the impending release of sure-fire megahit GTA IV, EA's Owen Mahoney said his company continues "to believe that our $26-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."
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