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EA's Take-Two Takeover Goes Hostile

So Take-Two won't play nice with EA's buyout offer? That's fine by EA. Playing it nice was a courtesy, an act of politeness on their part, but in light of Take-Two's reluctance (and some would say greed), they've now no other option. It's (apparently) time to go hostile. The Wall Street Journal report that EA's takeover payout to shareholders will be...$26 per share, exactly what was offered to Zelnick & co. the first time around. There's been no comment as of yet from anyone at either Take-Two or EA regarding the matter.

Update:

OK, it's now official. EA boss John Riccitiello:

This is a great opportunity for Take-Two shareholders. We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two. This tender offer provides a clear process to complete the proposed transaction. For EA shareholders, the combination would add additional intellectual properties to our already strong portfolio and welcome Take-Two's talented creative teams to the great development organization we've built at EA.

UPDATE 2

Now Take-Two is "recommending" that stockholders give the offer a pass.

The Board of Directors of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today recommended that Take-Two stockholders take no action at this time in response to the announcement by Electronic Arts Inc. (NASDAQ:ERTS) that it has made an unsolicited conditional tender offer to acquire all of Take-Two's outstanding shares of common stock for $26 per share in cash.

Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Take-Two's Board will review and consider EA's offer, and within 10 business days, will advise Take-Two's stockholders of the Board's position regarding the offer as well as its reasons for that position.

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biz.yahoo.com
Breakfast2969d ago

get ready for ping pong every year now... and considering the popularity of gta, theyll probably make it 3 times an year.

Tempist2969d ago

The Hilarity factor lies in the fact that EA's stock goes down and Take Twos is nearing $26. That means EA would have to pay out like $28 a share. This keeps getting more expensive for them.

masterg2969d ago

The last thing we need is Rockstar under EA control.

Genesis52969d ago

I really don't play a lot of EA games,that looks like it might be changing because I will not have a choice.I don't think we need one big conglomerate running the whole show.

Breakfast2969d ago

omg...think of the sports games...they barely have competition now. If this goes through then 2008 will be the peek of EA's almost obsolete innovation

+ Show (2) more repliesLast reply 2969d ago
InYourMom2969d ago

You are the scum of the gaming industry. I've never been big into the whole boycott EA thing, but I think it might be time to start.

fenderputty2969d ago

enough to willingly give up any chance at having Bioshock 2 come to the PS3. I hope the shareholders don't do this. I would hate to see T2 get swallowed up by whats becoming the WALMART of gaming.

LastDance2968d ago

the worst part is EA is pushing hard to get T2 BEFORE GTA comes out.

Disgusting.

Greedy C***s

bootsielon2969d ago

I think EA is becoming a new company for the better, we don't have to worry much

HarryEtTubMan2969d ago (Edited 2969d ago )

lol all they have to do is make a console with GTA, Mercenaries, Mass Efect, Bioshock, Madden and eerything Exclusive. The competition will be DEAD. I keep telling u guys but EA is looking to make a console and I think with Mircrosoft. The have to literally shut Sony out. They are too powerful. I dont think we will see a PS5.

EA and Micrsoft or EA by themselves are going to take Sony out. Watch its going to happen. Look whats happening now!!! No console EVER comes from behind like this at such a high price and starts beating the console first. Just like Madden is still goin to run at 30 FPS this year on PS3 ON PURPOSE. Just like Peter Moore(un biased corporate employee right?) was bashing PS3 FANS and saying how they were telling people not to like Micrsoft and EA. Just like the had a huge section TOGETHER at GDC. Just like the bought Bioware(which only developed on 360) Just like they are trying to now secure GTA and Take Two(so there will be no other sports teams to compete with)

If Ea MAKES A CONSOLE NEXT GENERATION ITS OVER and gaming is in the hands of an evil empire forever that doesnt strive on innovation, the nest hardware and technology and competition(Sony) but will TELL YOU you have to pay for "Live"(notice it is changing)

Thats what all of this is about. Everyone knows EA doesnt want Sony in the buisness anymore and wants to steal their role. It just either by themselves or with Microsft.

vudu2969d ago

Disappointing that EA can't be satisfied until it monopolizes the whole industry.

Lotto2969d ago

well this is how ea makes money. Buy Studio with X great games that ppl know and like. Then milk the great games until they become dust

BigKev452969d ago

This will suck if EA buys them out. No more good GTAs, Bioshocks, NBA 2K
games.

Ghoul2969d ago

biohock 2 wont be bad because EA will publish them EA is a Publisher no developer dont forget that.

But the 2k sports series is most likly to be cut off :(

GutZ312969d ago

EA is a publisher, but you forget they push the developers to time constraints as well as less time for testing and money given to the developers.

EA is a scum sucking company not worth any gamers money.