Take-Two financials: Bosses say nothing on EA buyout

By Patrick Garratt, Wednesday, 12 March 2008 07:24 GMT

In an investor call last night following the release of Q1 financials, Take-Two refused to talk about the recent $2 billion offer from EA, saying only that it had rejected the bid. From Gamasutra:

Throughout the call, all executives stressed that the forthcoming quarter, fiscal year, and into 2009 were well positioned to “reap the benefits” of both the company’s turnaround plan, and its stable of owned IP and industry talent.

The call opened with Zelnick’s reiteration of prior company releases saying that EA’s “unsolicited” offer of $26 a share drastically undervalued the company, and failed to compensate Take-Two shareholders for the synergies EA would receive should the acquisition go through.

Zelnick went through its IP sales numbers: GTA selling 66 million units to date, Midnight Club 11.5 million, Civilization 8 million, Max Payne 7 million, Mafia 2 million, BioShock 2 million, Red Dead Revolver, Manhunt, and Bully all 1.5 million, and Carnival Games approaching 1 million sold thus far.

Feder reiterated as well that the board and ownership was continuing to work to transform the company, increasing its strength and its value for shareholders, and make it “the most creative, innovative, and efficient” company in the industry.

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