Pachter “baffled” at Take-Two rebuttal stance on EA merger

By Patrick Garratt
25 February 2008 09:42 GMT

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.

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