Mon, Feb 25, 2008 | 09:46 GMT
Pachter “baffled” at Take-Two rebuttal stance on EA merger
Speaking here, Wedbush Morgan’s Michael Pachter has said that he doesn’t understand why Take-Two has turned down EA’s offer of $26 per share for the company, a value more than 25 percent above Take-Two’s current share price.
“What I am really baffled by is why Take-Two’s board rejected [the offer],” he said. “If I had to spin this, it is an unbelievable deal for Take-Two shareholders – they should jump at it.”
EA announced intentions to make a hostile move on Take-Two last night after the latter’s board rejected both an initial offer and a subsequent $1 per share increase.